TRUE OR FALSE ABOUT STATEMENT OF CHANGES IN EQUITY

11:09 .... 74 TRUE FALSE The SCE is dated "for of the year ended" O There are two equity accounts reported on the SCE of a sole proprietorship, namely: Owner, Capital and Owner, Drawings The number of capital accounts presented in SCE of partnership is equal to the number of partners. O The Drawings accounts is used for sole proprietorship, partnership and corporation O 74 11:09 .... All equity accounts have normal credit balances. Partners are generally involved in the management of the business. O One shareholder can own many stocks. Changes in an entrepreneur's equity between two balance sheet dates reflect the increase or decrease in its net assets during the period. O Increase results from withdrawals by the owner and from loss for the period. O The profit or loss figure comes directly from the income statement while the withdrawals from the balance sheet columns in the worksheet. O O