True or False

UE/FALSE. Write T if the statement is true and 'F' if the statement is false. 21) 22) The major professional accounting bodies in Australia are CPA Australia, the ICAA and the IPA. 23) 24) 25) If managers are rewarded for the company's performance, they are likely to prefer the accounting treatment that minimises profits. 26) The responsibilities of the Financial Reporting Panel (FRP) include the development of accounting standards for use by all public and proprietary companies 27) Accountability refers to the responsibility for providing information to enable users to make informed judgments about the organisation. 28) The investors in a company are personally liable for the debts of the company. 29) Equity is the residual remaining after expenses have been deducted from income. 30) The most.common controlling an entity is through ownership rights 31) A body of regulation has emerged in an effort to reduce the potential for corporate collapses in which many people suffer 32) 33) Distributions of a company's profits in proportion to the shareholders' sharehaldings are called dividends