state whether each statement is either true or false

A transaction such as sale of goods is the first step of the Accounting cycle. Partnerships are businesses that are owned and managed by 2-20 partners. - Public companies raise capital by inviting the public by means of a prospectus to buy shares. - Issuing debentures to the public is another method used by public companies to raise capital and interest is paid annually to debenture holders at a fixed rate. 5. South African Receiver of Revenue (SARS) has no interest in the Financial Statements of businesses