d) 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 persons with the common objective of making a profit. ii. Bookkeeping is a process of recording the financial information of the business. iii. Sales journal is a book of primary entry that record all the transaction related to the sales of goods to customers by cash. Introduction to Accounting (BAAD1003) January 2023 Final Examination CONFIDENTIAL iv. V. vi. vii. In terms of liability for the business of a sole trader, a sole trader has unlimited liability. Accounting process starts with recording transactions that are taken from the source documents. Preparation of income statements is usually done at the end of the accounting period. Return goods to the supplier need to be recorded under the sales journal