Exam 1 Cel.i-3) Name: Date: 1. Which of the following would not be considered internal users of accounting data for a company? A) The president of a company. B) The controller of a company. C) Creditors of a company. D) Salesmen of the company. 2. The cost principle requires that when assets are acquired, they be recorded at A) appraisal value. B) cost C) market price. D) book value: 3. GAAP stands for A) Generally Accepted Auditing Procedures. B) Generally Accepted Accounting Principles C) Generally Accepted Auditing Principles. D) Generally Accepted Accounting Procedures. 4. A business organized as a corporation is not a separate legal entity in most states. A) B) requires that stockholders be personally liable for the debts of the business C) D, is owned by its stockholders. terminates when one of its original stockholders dies. 5. Sources of increases to owner's equity are A) additional investments by owners. B) purchases of merchandise. C) withdrawals by the owner. D)-expenses 6. Credits A) B) C) D) decrease both assets and liabilities. decrease assets and increase liabilities. increase both assets and liabilities. increase assets and decrease liabilities