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date Question 19 (1 point) Which of the following statement shows the profit/loss made by the organization during a particular period Ob Oc Od Statement of income Statement of Financial Position Statement of Cash Flows Statement of Changes in Equity Question 20 (1 point) The financial statement that shows the beginning balance of equity, the changes in equity that resulted from new investments by the owner, Profit (or net loss), withdrawals, and the ending balance of equity the Ob Od Statement of Income Statement of Cash Flows Statement of Financial Position Statement of Changes in Equity Question 21 (1 point) If Asset account is credited, the balance of Asset account would Ob Increase Decrease Not impacted Question 8 (1 point) Which of the following statements is FALSE regarding a partnership? O a OD A partnership must have at least 2 partners Partners have a limited liability Partner's income is taxed on the partners'individual income tax return. partners have unlimited liability Od Question 9 (1 point) What does GAAP stand for? O a O Generally Accepted Auditing Principles Generally Accepted Accounting Policies General Accounting and Auditing Principles Generally Accepted Accounting Principles Oc Od Question 10 (1 point) Companies that trade on a Canadian Stock Exchange are required to follow . Ob Oc Od Accounting Standards for Private Enterprises (ASPE) Non-Profit Accounting Standards International Financial Reporting Standards (IFRS) Government Accounting Standards Question 11 (1 point) The personal telephone bolls of Mr. Sam (the owner) was paid by a cheque from the business chequing account. No business calss had been made from Sam's personal phone. What account must be used for this transaction? O a Ob Telephone Expenses Sam's Capital A/C Sam's Drawings Alc No need to record Oc Od Question 12 (1 point) Equity is also known as Ob Revenue Assets Liabilities Net Assets Od

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