a. MULTIPLE CHOICE QUESTIO 1. Accountants refer to an economic event as a a. purchase. b. sale. transaction. d. change in ownership 2. The starting point of the accounting process is a. communicating information to users. b. identifying economic events. recording economic events. d. None of these answers are correct. 3. Communication of economic events is the part of the accounting process that involves identifying economic events. b. quantifying transactions into dollars and cents. preparing accounting reports. d. recording and classifying information 4. The accounting process is correctly sequenced as identification, communication, recording. b. recording, communication, identification. c. identification, recording, communication. d. communication, recording, identification. Which of the following would not be considered an external user of accounting data for the GHI Company? a. Internal Revenue Service Agent. b. Management c. Creditors. d. Customers. c. C. 6. Which of the following would not be considered internal users of accounting data for a company? The president of a company. b. The controller of a company. Creditors of a company d. Salesmen of the company. 7. The basic accounting equation may be expressed as Assets Equities. b. Assets - Liabilities - Stockholders' Equity Assets = Liabilities + Stockholders' Equity. d. All of these answers are correct. c. 8. b. Liabilities of a company are owed to debtors. benefactors. creditors. underwriter c