MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question 1) Which of the following statements is TRUE for a proprietorship? 1)_ A) The business records include the proprietor's personal finances. B) For accounting purposes, a proprietorship is separate from the proprietor C) Legally, a proprietorship is separate from the proprietor. D) All statements are correct. 2) Revenues are: A) increases in retained earnings resulting from delivering goods or services to customers B) decreases in assets resulting from delivering goods or services to customers. increases in liabilities resulting from delivering goods or services to customers D) decreases in retained earnings resulting from delivering goods or services to customers. 3) Accounting 3) - A) is often called the language of business. B) measures business activities. C) processes data into reports and communicates the data to decision makers. D) is all of the above. ) Which financial statement answers the following question: How well did the company perform during the year A) statement of retained earnings B) statement of cash flows income statement D) balance sheet 3) The fair value of a plant asset is equal to: 5). A) the amount of cash paid plus the dollar value of noncash consideration given in exchange for the plant asset at acquisition. 3) the amount the business could sell the asset for the amount a company can receive for the asset when sold in order to go out of business 2) the amount of cash paid plus the loan taken out to finance the purchase of the plant asset Which of the following have unlimited liability for a company's debts?6) ) owners of a corporation limited partners in a limited liability partnership members of a limited liability company ) general partner in a limited liability partnership 7) Which statement(s) reports the revenues, gains, expenses, and losses of an entity? Income statement Statement of retained eamings and statement of operations Balance sheet Statement of cash flows and income statement 8) When total expenses exceed total revenues, the result is: a dividend. B) a net profit. an increase to retained earnings. D) a net loss