1. Disadvantages of a Partnership could be which of the following: A. Liability risks similar to a sole proprietorship and personal bankruptcy. B. Upon the death of one of the partners, the partnership generally ceases to exist. C. The lack of clearly defined roles could create tension. D. All of the above 2. In which of the business designation structures does the profit or loss pass through to the shareholders who will then report it on their personal income tax returns? A. C Corporation B. S Corporation C. Sole Proprietorship and Partnership D. Both B and C 3. Which are true? A. Expenses and withdrawals decrease Owner's Equity B. Revenues and Expenses increase Owner's Equity C. Revenues increase Owner's Equity D. A and C 4. Which statement is true? A. To credit means to enter a figure on the left side of a T account B. Those accounts which have a normal debit balance include assets, expenses, and withdrawal C. Accounts with a normal debit balance include liabilities, revenue, and owner's equity D. None of these statements are true 5. Gross profit is: A. When expenses exceed revenues and there is zero or negative profit B. The same as Owner's Equity C. Revenue - Cost of Goods Sold D. The same as Net Income 6. Financial statements provide: A. A single document that provides all the details needed to complete an accurate financial assessment. B. Assistance in planning and further analysis for strategic development C. The Fiscal year from January to December snapshot of a business D. All of the above