1. Generally accepted accounting principles (GAAP) are formulated by the A. Financial Accounting Standards Board (FASB). B. Securities and Exchange Commission (SEC). C. Institute of Management Accountants (IMA). D. American Institute of Certified Public Accountants (AICPA). 2. Which type of business organization is owned by one owner? A. Corporation B. Partnership C. Proprietorship D. Items a, b, and c are all correct. . 3. Which accounting concept or principle specifically states that we should record transactions at amounts that can be verified? A. Faithful representation B. Cost principle C. Entity concept D. Going-concern concept 4. Panda Tech Berhad, The Company, is a multi-million IT company. At the end of a recent year, the Company's total assets added up to RM 363,000,000, and equity was RM 228,000,000. How much were the Company's liabilities? A. Cannot determine from the data given B. RM 363,000,000 C. RM 135,000,000 D. RM 228,000,000 Accounting is the information system that measures business activity. B. communicates the results to decision makers. c. processes data into reports. D. does all of the above. 5. A