1.1 Learning Objective 1-1 1) The type of business organization that can continue indefinitely is known as a: A) sole proprietorship. B) partnership. C) corporation. D) None of the above Answer: C Diff: 2 LO: 1-1 AACSB: Reflective Thinking Skills Learning Outcome: Define accounting terms, accounting concepts and principles 2) The purpose of the accounting process is to provide financial information about: A) sole proprietorships. B) small businesses. C) large corporations. D) All of these answers are correct. Answer: D Diff: 1 LO: 1-1 AACSB: Reflective Thinking Skills Learning Outcome: Define accounting terms, accounting concepts and principles 3) Accounting provides information to: A) managers. B) government. C) investors. D) All of these answers are correct. Answer: D Diff: 2 LO: 1-1 AACSB: Reflective Thinking Skills Learning Outcome: Define accounting terms, accounting concepts and principles