1. The separation between the owner and the business is only an accounting 2. In accounting, a clear distinction between transactions and personal affairs of the 3. One disadvantage in a sole proprietorship is that the owner cannot be entitled to 4. One of the characteristics of a sole proprietorship is that he shares to nobody in 1-5 True or False Instruction: Write letter "T" if the statement is correct and letter "F" if incorrect. assumption but it is not true in real situation. owner should be made so that financial report will not be distorted. salary from his business. case he makes profit and bears it all in case of a loss