C. State whether each of the following statements is True (T) or False (F): i. Partnership is a type of business that is owned by at least two people with the common objective of making a profit. ii. The income statement shows the financial position of a company at a specific point in time. iii. The primary purpose of accounting is to measure and communicate financial information about an organization. iv. Preparation of trial balance is not part of the accounting cycle. v. Long-term loans from a bank are considered a current liability