1) Which of the following is a/are "primary" purpose(s) of Financial Accounting? a) To provide financial information about an economic entity b) To provide financial information primarily for external users. c) To provide financial information exclusively for management's use. d) Both a and b. 2) Creditor's claims against assets are also known as: a) Assets. b) Liabilities. c) Owners' equity. d) All of the above. 3) Which of the following would be the proper way to present the date on a Balance Sheet? a) December 31, 201X. b) For the year ended December 31, 201X. c) January 1 to December 31, 201X. d) None of the above. 4) Which of the following formula(s) is/are a representation of the accounting equation? a) Assets = Liabilities + Owners' Equity. b) Assets = Liabilities - Owners' Equity. c) Assets + Liabilities = Owners' Equity. d) None of the above