TRUE/FALSE. Write T if the statement is true and 'F if the statement is false. 21) 22) The major professional accounting bodies in Austraia 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) indude the development of accounting standards for use by all public and proprietary companies. 27) Accountability refers to the responsibility for providing information toenable 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 anentity is through ownership rights 31) A body of regulation has emerged in aneffort 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' shareholdings are called dividends 34) 35) The practice of people acting in their own self-interest is known as ethical rationality 36) 37) A company is created by the law to have rights and responsibilities similar to those enjoyed by individuals 38) The Australian Securities and Investments Commission (ASIC) is charged withenforcing and administering the Corporations Act. 39) 40) Corporate govemance is the system by which the governing body of an organisation provides strategic direction, achieves its objectives, manages risks and attests to the use of its resources