Question: Answer the following questions, in complete sentences. 1. What does the term owners equity mean with respect to the business overall? (3 marks) 2. If

Answer the following questions, in complete sentences.

1. What does the term owners equity mean with respect to the business overall? (3 marks)

2. If a business is owned by three partners, how many capital accounts are required on the books? Why? (3 marks)

3. What is the purpose of the drawings account? (3 marks)

4. If a business is owned by three partners, how many drawings accounts are required on the books? Why? (3 marks)

5. How is the equity value of a business calculated considering only the accounts in the owners equity section of the trial balance? (3 marks)

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