True or false questions

IV ab X, * A Styles Styles Pane Dictate 9) A partnership is a business owned by two or more people. Answer: 10) Owners of a corporation are called shareholders or stockholders. Answer: 11) In the partnership form of business, the owners are called stockholders. Answer: 12) The balance sheet shows a company's net income or loss over a period of time. Answer: 13) General principles are the basic assumptions, concepts, and guidelines for preparing financial statements. GAAP aims to make information relevant and representationally faithful. Answer: 14) Limited liability and indefinite business life are characteristics of a corporation. Answer: 15) A sole proprietorship is a business with multiple owners. Answer: 16) The measurement principle prescribes that accounting information is based on subjective opinion rather than cost. Answer: 17) A limited liability company offers the limited liability of a partnership or proprietorship and the tax treatment of a corporation. Answer: 2304 words English (United States) - Focus