As a result of the industrial revolution in the 19th and early 20th centuries,

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The industrial revolution led to the formation of larger and more complex businesses, which required more capital than could be raised by individual investors. This led to the growth of joint stock companies and limited liability companies, which allowed investors to buy shares in a business and limit their liability for the company's debts. Thus, the basic form of business organization shifted to these types of companies. A and B are incorrect because balance sheets and double entry accounting were already in use before the industrial revolution. D is incorrect because fixed assets actually increased in importance during the industrial revolution as factories and machinery became essential for businesses.

As a Result of the Industrial Revolution in the 19th