II. True or False _1. Accounting is a service activity. Its function is to provide quantitative information, about Economic entities that is intended to be useful in making economic decisions. _2. Accounting is often characterized as the "language of business". 3. A partnership is a business owned and operated by two or more persons who bind Themselves to contribute money or property to a common fund, with the intention of Dividing the profits among themselves. _4. A partnership is owned by at least two persons. 5. A corporation is a business owned by its stockholders. 6. A business transaction is the occurence of an event or a condition that must be recorded. 7. In a corporation, the management structure is being managed by the Board of Directors. 8. The term of existence of a partnership is fifty years and subject for renewal. 9. The capitalization of a corporation does not depends on the type of business as prescribed By law. 10. The corporation has a limited liability of stockholders.