CLICK HERE TO SAVE YOUR WORK H103 A B C D E F G H 43 NOW Remove Condibota Table 44 2. What standards do partnership businesses follow in preparing financial statements for external reporting purposes 45 A. International Financial Reporting Standards (IFRS) 46 B. Municipal Financial Reporting Standards (MFRS) 47 C. Provincial Financial Reporting Standards (PFRS) K M 48 49 D. Accounting Standards for Private Enterprises (ASPE) 50 3. In a bank reconciliation, deposits in transit are: 51 A. deducted from the book balance. 52 B. added to the book balance. 53 C. added to the bank balance. 54 D. deducted from the bank balance. 55 56 4. Which of the following is NOT a financing activity: 57 A. Issue of shares to reduce liabilities 58 B. Payment of dividends to shareholders 59 C. Proceeds from long-term debt. 60 D. Change in current portion of bank loan payable. 61 62 5. Which statement provides information on the resources owned/controlled by a corporation and the claims on the resources as of a specific point in time: 63 A. Statement of income 64 B. Statement of changes in equity 65 C. Statement of financial position 66 D. Statement of cash flows. 67 68 6. Which of the following statements is not correct: 69 A. The net income of a proprietorship is taxed on the owner's personal income tax return. 70 B. In a partnership, there is a legal distinction between the business and the partners. 71 C. Forming a corporation is the most complex way to structure a business. Sheet1 New MacBook Pro