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S1: The partners' drawing account are shown in the statement of financial position. S2: The partnership by-laws is a written contract between partners that specifies the name, location, and nature of the business; the duties of each partner, and the method of sharing profits and losses among the partners. Select the correct response O S1 is True; S2 is False S1 & S2 are False S1 is False; S2 is True S1 & S2 are True S1: Changes in partners' equity is shown in the statement of financial position. S2: In a general partnership, each partner has limited personal liability for the debts of the business. Select the correct response S1 & S2 are False S1 is True; S2 is False S1 & S2 are True S1 is False; S2 is True S1: It is easier to change ownership in a corporation than in a partnership. S2: Mutual agency means that any partner can legally bind the other partners and the partnership to business contracts within the scope of the business's regular operations. Select the correct response: S1 & S2 are True S1 is False; S2 is True S1 is True; S2 is False S1 & S2 are False