5- Generally accepted accounting principles are a. income tax regulations of the Internal Revenue Service. b. standards that indicate how to report economic events. C. theories that are based on physical laws of the universe. d. principles that have been proven correct by academic researchers. 6- The cost principle requires that when assets are acquired, they be recorded at a. appraisal value. b. exchange price paid. c. selling price. d. list price. 7- GAAP stands for a. Generally Accepted Auditing Procedures. b. Generally Accepted Accounting Principles. C. Generally Accepted Auditing Principles. d. Generally Accepted Accounting Procedures. 8- The basic accounting equation may be expressed as a. Assets = Equities. b. Assets - Liabilities = Owner's Equity. C. Assets = Limities + Owner's Equity. d. all of these