State whether the following statements are True or False 1.1 1. A transaction such as sale of goods is the first step of the Accounting cycle. 2. Partnerships are businesses that are owned and managed by 2 20 partners. 3. Public companies raise capital by inviting the public by means of a prospectus to buy shares. 4. 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. Choose the most appropriate answe