) The type of business organization where the owners are NOT personally liable for the business’s debts is a:A) corporationB) partnershipC) sole proprietorshipD) All of the above2) The purpose of the accounting process is to provide financial information about:A) sole proprietorshipsB) small businessesC) large corporationsD) All of these answers are correct3) Accounting provides information to:A) investorsB) governmentC) managersD) All of these answers are correct4) Which of the following is a characteristic of a sole proprietorship?A) Business owned by more than one person.B) Easy to form.C) Each stockholder acts as an owner of the company.D) Can continue indefinitely.5) A partnership is a business which:A) is easy to formB) ends with the death of a partnerC) is owned by more than one personD) All of these answers are correct6) Which is an advantage of a sole proprietorship form of business?A) There is limited personal risk.B) The business can continue indefinitely.C) The owner makes all the decisions.D) The business is owned by stockholders.7) Which of the following is NOT a type of business organization?A) CorporationB) PartnershipC) Sole proprietorshipD) Limited Asset Corporation