1. The separate entity concept requires that A) the personal assets and liabilities of an owner not be shown on the business's financial statements. B) transactions that involve an exchange of value be kept separate from those that do not. C) tax records be kept separate from financial reporting records. D) a separate set of books be established for each segment of a business. 2. Which of the following is not a satisfactory statement of the accounting equation? A) Assets Liabilities+ Owner's Equity B) Assets -Owner's Equity Liabilities C) AssetsLiabilities-Owner's Equity D) Assets - Liabilities Owner's Equity C3. The best definition of assets is the A) cash owned by the company. ) resources belonging to a company having future benefit to the company collection of resources belonging to the company and the claims on these resources. D) owner's investment in the business. Which of the following financial statements is concerned with the enterprise at a point in time? 4. A) Statement of owner's equity B) Income statement C) Statement of cash flows D) Balance sheet 5. The net income figure appears in all the following financial statements except the A) statement of cash flows. B) income statement. C) statement of owner's equity. D) balance sheet. Page 1