Please show the answers and explanation, as the picture indicated.

1:20 31. Normal balance of an account is simply means: a. the decreased side of the account c. the negative side of the account b. the positive side of the account d. the increased side of the account 32. The three-line heading of the balance sheet include the following except one; a. The name of the business c. The purpose of the statement b. The date of the statement d. The name of the statement 33. Assets, drawings and expense accounts name have a. Credit balance b. Debit balance c. Negative balance d. Positive balance 34. If expenses are greater than revenue, the business is said to be operating at a a. net income b. break-even c. deficit d. netloss 35. Current assets in the balance sheet is arranged according to a. solvency b. profitability c. liquidity d. debit balance 36. The primary responsibility for the preparation and presentation of financial statements of an entity is reposed in the a.. Management of the entity c. External auditor b.. Internal auditor d. Controller 37. A complete set of financial statements includes all of the following components, except a. Statement of financial position, statement of comprehensive income and statement of cash flows. b. Statement of changes in equity. c. Notes, comprising a summary of significant accounting policies and other explanatory information. d. Reports and statements such as environmental reports and value added statements. 38. Which of the following is not a component of the financial statements ? a. Statement of financial position b. Statement of changes in equity c. Board of directors' report d. Notes to financial statements 39 Financial statements must be prepared at least a. Annually c. Semiannually b. Quarterly d. Every two years 40. Which of the following statements best describes the term "financial position" ? a. The net income and expenses of an entity b. The net of financial assets less liabilities of an entity c. The potential to contribute to the flow of cash and cash equivalents to the entity d. The assets, liabilities, and equity of an entity