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a. MULTIPLE CHOICE QUESTIO 1. Accountants refer to an economic event as a a. purchase. b. sale. transaction. d. change in own
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Answer #1

1. Ans is c. In accounts economic event is called transaction.

2. Ans is B. Starting point of accounting process is identifying accounting transaction.

3. Ans is C. Communication of economic event is done by preparing accounting reports.

4. Ans is C. Accounting process involves identifying transaction, recording it and then communicating.

5. Ans is B. Management is a internal user of accounting data.

6. Ans is C. Creditors are external user of accounting data.

7. Ans is C. Basic accounting equation is asset=liability+stockholder equity.

8. Ans is C. Liability of a company is owed to Creditors of the company.

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