ACC 280 Final ExamPlease select the best answer to each question. Post your solutions to the Assignments newsgroup in an Excel spreadsheet, with one column showing the question number, and a second column showing the letter of the answer that you have selected. Here is an example:1A2B3CFailure to follow these instructions in posting your response will result in a 10% point deduction from your grade. If you have any questions, please let me know. Good luck!1. Which of the following would not be considered an internal user of accounting data for the XYZ Company?a.President of the companyb.Production managerc.Merchandise inventory clerkd.President of the employees' labor union2. Which of the following would not be considered an external user of accounting data for the XYZ Company?a.Internal Revenue Service Agentb.Managementc.Creditorsd.Customers3. Generally accepted accounting principles area.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.4. The basic accounting equation may be expressed asa.Assets = Equities.b.Assets - Liabilities = Stockholders' Equity.c.Assets = Liabilities + Stockholders' Equity.d.all of these.5. Liabilitiesa.are future economic benefits.b.are existing debts and obligations.c.possess service potential.