11. A statement of changes in owners equity is a report of the components that changed in the owners equity section of the balance sheet for a period of time (true/false)

12. A balance sheet is a report of resources and obligations that the business will use to conduct future business (true/false)

13. The basic accounting equation is Assets=liabilities+owners equity (true/false)

14. Accounts receivable turnover formula is total sales divided by the average accounts receivable balance (true/false)

15. Debt to Equity ratio indicates how much of the company is funded by debt and how much is funded by the owners (true/false)