12. Depreciation method which produces higher depreciation expense in the early years of an assets life. A. Straight-line B. Double-declining balance C. Depletion D. Units of production

13. Which type of entity has one or more owners that own shares of stock, an unlimited life and limited liability for the owners? A. Sole Proprietorship B. Partnership C. Corporation

14. Which type of entity has only one owner who records all profits, suffers all losses and is personally liable for all debts? A. Sole Proprietorship B. Partnership C. Corporation

15. Which type of entity has two or more owners, a limited life and in its most basic form, unlimited personal liability? A. Sole Proprietorship B. Partnership C. Corporation

16. Opportunity, rationalization & financial pressure are three factors that contribute to what type of activity? A. Cost of Goods Sold Calculation B. Fraud C. Bad Debt Calculation D. Recording a Contingent Liability

17. Resources owned by a business that provide future services or benefits are called _____________, they are increased by a _________________ and can be found on a _______________________________. A. Assets / Debit / Balance Sheet B. Equity / Credit / Balance Sheet C. Assets / Credit / Income Statement D. Equity / Credit / Statement of Owners Equity