QUESTION 2 Which of the following statements concerning business structures is false? O A A corporation is a separate legal entity for accounting purposes, but not for tax purposes. OB. A disadvantage of a partnership is that the partners are subject to unlimited liability OC. A sole proprietorship is a separate entity from its owner for accounting purposes. OD. An advantage of incorporation is the ease of transfer of ownership. OE. Owners of a corporation are subject to limited liability QUESTION 3 Which of the following statements is/are true? O A. Borrowing money from the bank is a form of permanent financing. OB. An Income Statement reports the earnings of a company at a point in time. OC Retained Earnings is defined as net income over the life of a company. O D. All of the above statements are true, O E. None of the above statements are true