Multiple choice questions:

16. Businesses can take all of the following forms except: A. Sole proprietorship B. Common stock C. Partnership D. Corporation E. Limited Liability Corporation

17. The accounting process begins with: A. Analysis of business transactions and events B. Preparation of financial statements and other reports C. Summarizing the recorded effects of business transactions D. Presentation of financial information to decision-makers E. Preparation of the trial balance

18. A record of the increases and decreases in a specific asset, liability, equity, revenue or expense is a (n): A. Journal B. Posting C. Trial balance D. Account E. Chart of accounts

19- An account used to record the owner's investments in the business is called: A. Dividends B. Common Stock C. Revenue D. Expense E. Liability

20. The account used to record the transfers of assets from a business to its stockholders is: A. A revenue account B. The retained earnings account C. Common stock account D. An expense account E. A liability account