1. is an information system that identifies, measures, records, and communicates relevant, reliable, consistent, and comparable information about an organization's economic activities. A) Accounting B) Bookkeeping C) Managing D) Advertising 2. A is a separate legal entity. A) corporation B) co-op C) partnership D) proprietorship 3. Which of the following statements is FALSE regarding a partnership? A) A partnership must have at least 2 partners. B) Partners have limited liability. C) Partners' income is taxed on the partners' individual income tax return. D)Partners having unlimited liability. 4. Which of the following is an example of an external user of accounting? A) Shareholder of the credit union B) President of the corporation C) Accounting manager of the business D) Personnel supervisor 5. If at the end of the accounting period the liabilities total $18,000, and equity totals $32,000, then what must be the total of the assets? A) $14,000 B) $18,000 C) $32,000 D) $50,000 E) None of the above