8) A corporation:A) is legally separate from its ownersB) is owned by stockholders C) has limited risk to stockholdersD) All of the above9) The basic accounting equation is:A) Assets + Liabilities = Owner’s EquityB) Assets = Liabilities - Owner's EquityC) Assets = Owner’s Equity - LiabilitiesD) Assets = Liabilities + Owner's Equity10) A law firm would be considered a:A) merchandise companyB) manufacturerC) service companyD) retailer 11) GAAP stand for ______________________.A) Generally Accepted Accounting PracticesB) General Accounting Accepted PracticesC) Generally Accepted Accounting PrinciplesD) General Accounting Application Practices12) The purchase of supplies for cash would affect which account category?A) Assets B) LiabilitiesC) CapitalD) Expense13) Items owned by the business such as land, supplies and equipment are:A) Assets B) LiabilitiesC) Owner's EquityD) Expenses14) Which of the following is NOT an Asset?A) CashB) Accounts ReceivableC) BuildingsD) All of the above are Assets15) If total liabilities increased by $10,000 and the assets increased by $10,000 during the accounting period, what is the change in the owner's equity amount?A) No effect on owner's equityB) Decrease of $10,000C) Increase of $20,000D) Decrease of $40,000