1. Which of the following is considered an advantage of the proprietorship form of business? a. Unlimited Liability b. Double Taxation c. Total Control d. Loss of Control to Other Partners 2. Which of the following would be considered an Asset? a. Land b. Cash c. Equipment d. All of the above 3." Which of the following is a unique concept that applies only to corporations? a. Unlimited Liability b. Double Taxation c. Liabilities d. None of the above 4. Which of the following would be considered an Internal user of Accounting information? a. External Auditor b. Creditor c. Controller d. Government 5. Which form of business is considered to be a legally separate entity for tax purposes? a. Sole Proprietorship b. Partnership c. Corporation d. All of the above 6. Which abbreviation stands for the group which has authority to set Accounting rules for companies that issue stock to the public? a. FASB b. GAAP c. SEC d. None of the above7. Which financial statement lists amounts for assets, liabilities, and equity at a point in time? a. Balance Sheet b. Income Statement c. Statement of Changes in Owner's Equity d. Statement of Cash Flows 8. Which of the following equations is correct in regard to calculating profit? a. Profit = Revenues + Expenses b. Profit = Revenues - Expenses c. Profit = Revenue + Assets d. None of the above 9. Which of the following equations is true in regard to assets? a. Assets = Liabilities - Equity b. Assets = Liabilities + Stock C. Assets = Liabilities + Equity d. Assets = Liabilities - Stock 10. Which of the following statements is true regarding the accounting equation? a. It must never be in balance. b. It must always be in balance. c. It may sometimes be in balance. d. None of the above