QUESTION 27 All of the following statements are true about Owners' Equity except? A Owners' equity is also called net worth. B. It is increased by net income and owners contributions. ac Owners' equity is found on both the Profit and Loss statement and the Balance Sheet D. It is decreased by owners withdrawals or dividends, and net losses. QUESTION 28 Which of the following is false regarding the Balance Sheet? A On the Balance Sheet Assets are recorded at the Assets fair market value on the date the Balance Sheet is prepared B. The Balance Sheet presents a company's financial position on a specific date and can be prepared at the end of a month quarter or year. C. The Balance Sheet is comprised of the following account types: Assets, Liables and Owners' Equity D. On the Balance Sheet Assets are what a company owns and Liabilities are what a company owes QUESTION 29 On a statement of Cash Flows, cash flows are grouped into the following three categories listed in the proper order: A Operating activities. Investing activities, and Financing activities 8. Operating activities Financing activities and Investing activities C. Investing activities. Operating activities and Financing activities D. Financing activities. Investing activities and Operating activities