D Question 14 An individual asset has increased. Which of the following is possible? O Both liabilities and owner's equity decrease. O There is an equal decrease in owner's equity. O There is an equal decrease in a liability account. O There is an equal decrease in another asset. Question 15 Which of the following concepts (or principles) addresses the ability of partners to commit other partners and the business to a contract? O Mutual agency O Objectivity principle O Going-concern concept O Cost principle Question 16 Corporate ownership is a very popular type of ownership in the United States. Which of the following is a major reason that corporate ownership is popular? OA corporation is usually managed by the owners O The life of a corporation is limited by the death of an owner O Corporate shareholders have limited liability for the debts of the corporation O Most corporations are small or medium-sized 1080