1.1.8 The principle that any personal transactions undertaken by the owner of a business entity must be kept separate from that business entity is known as: A. Principle of duality. B. Entity concept. C. Consistency principle D. Accrual concept. 1.1.9 Complete the following sentence. The purpose of the statement of changes in equity is to; A. Express the financial position at a given point in time. B. Reconcile the net worth of an entity at the beginning of the year to the net worth at the end of the year. C. Measure the performance of the entity by determining the profit or loss for the period. D. Measure the ability of an entity to generate, manage and use cash efficiently. REGENT BUSINESS SCHOOL (RBS) - JANUARY 2021 20 BACHELOR OF COMMERCE YEAR 1 - ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE financial report that determines and shows 1.1.10 A statement of financial position is the A. Financial position of an entity during an accounting period