1. Private corporations are not required to provide their financial statements to the public, __________________.

   		and have more reporting requirements than public corporations.
   		or shareholders can sell their shares on public exchanges.
   		and are more heavily regulated than public corporations.
   		or disclose details of their operating or financial activities to the public.

1. Which of the following is not part of the definition of accounting?

   		It provides information about the financial condition of the business to those outside of the business.
   		It provides information that allows business owners to plan, monitor, and control.
   		It only involves recording transactions for a business.
   		It is referred to as the language of business.

1. What type of items does stockholders' equity typically contain? (Select all that apply.)

   		retained earnings
   		assets
   		dividends
   		expenses

1. What is involed in step 4 of the accounting cycle?

   		recording transactions in the general journal
   		analyzing each business transaction
   		preparing an adjusted trial balance
   		preparing an unadjusted trial balance

1. Which of the following are one of the nine steps in the accounting cycle? (Select all that apply.)

   		Preparing the financial statements
   		Preparing the unadjusted trial balance
   		Filing the financial statements
   		Analyzing business transactions

1. Which of the following is used to initiate the closing process within the general ledger?

   		post-closing trial balance
   		accruals
   		journal entries
   		adjustments

1. Which form of business involves co-ownership of a business and does not require the owners to file paperwork with local, state, or federal government?

   		Partnership
   		Sole proprietorships
   		Corporation
   		Creditor investor