1. Recordkeeping is another term for accounting True False 2. In the partnership form of business, the owners of a business are called shareholders. True False 3. Unlimited liability is an advantage for both a proprietorship and a partnership True False 4. A corporation is responsible for its actions and any debts incurred It can enter inte as con contracts, and it can buy own, and property True S. Sole proprietorships and partnerships are not subject to lncome tax in in Canada True Fale 6. Ethics and social responsibility are incidental to the primary tunctions of accounting. True False 7. The Accounting Standards Board ASB, is the body that developed the international Financial Reporting Standards True False : B. The business entity principle requires that an owner keep accounting records separate from personal records or records of any other businesses owned True Fase 9. A balance sheet covers a period of time such as a month or year True 10. Profit is the excess of expenses over revenues, whereas net loss is the excess of revenue over expenses True 11. The balance sheet is also called the statement of financial position because it shows the financial position of the business on a particular date True False