9 52:38 8. GAAP stands for: (1 Point) [] A) generally accepted auditing practices. B) generally accrued auditing procedures. generally accepted accounting principles. D) generally accrued accounting principles. 9. Assets are economic resources of a business expected to be of benefit in the future. (1 Point) True False 10. Which of the following sets of characteristics best describes those of a corporation? (1 Point) A) limited liability, definite life, shareholders are legally separate B) limited liability, indefinite life, shareholders are legally separate O unlimited liability, definite life, shareholders are not legally separate (D) unlimited liability, indefinite life, shareholders are not legally separate