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21. One of the advantages of creating a sole proprietor business is that owner has unlimited liability, which means that if the business is unable to pay its debt, the bank or creditor can attach the owner's personal properties. (1 Point) False True 22. The basic purpose of accounting is (1 Point) To provide information that the managers of an economic entity need to control its operations. To provide information that the creditors of an economic entity can use in deciding whether to make additional loans to the entity To measure the periodic income of the economic entity To provide quantitative financial information about an entity that is useful in making rational economic decision One of these is not a tra 23. One of these is not a transaction that can be recorded by the accountant.* (1 Point) Ordered supplies from National Company. Gave an advance payment of P 2,500. Money borrowed from the bank was used to purchase equipment costing P 75,000. Owner took home some goods costing P 500 for personal use. Two employees were hired and signed a six-month contract for P 50,000. 24. The primlny users of financial information include 1. Existing and potential investors II. Existing and potential lenders and other creditors III. User group such as employees, customers, government and their agencies, and the (1 Point) O I and Ill only O., O and I only only 25. The company's assets are P 12,000,000 of which 1/3 represent owner's equity. How much is the total liabilities? * (1 Point) O P 3,000,000 O P 8,000,000 O P 4,000,000 OP 6.000.000