An artificial being created by operation of law, having the right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence. partnership false Sole Proprietorship false corporation true None of the above false Single Simplest form of business organization managed by a single owner. Sole Proprietorship true partnership false corporation false None of the above false Single Owned by two or more persons contracting to bind themselves to contribute money, property, or industry to a common fund with the intention of dividing the profits among themselves. corporation false partnership false Sole Proprietorship false None of the above false Single Decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants. Expenses true contributions false Income false None of the above false Single Represents increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants. Preparation of a Statement of Changes in Equity false Income true contributions false None of the above false Single Shows the changes in the capital account due to contributions and withdrawals by the owner or additional capital, distribution of dividends for stockholders or members contribution for non-stock corporations and profit or loss for the period. statement of changes in equity true expenses false Preparation of a Statement of Changes in Equity false None of the above false Single Increases or decreases in the capital account is mainly attributable to _______ elements. 3 false 5 false 4 true None of the above false Single Recorded by increasing the owner’s capital account. Income false statement of changes in equity false contributions true None of the above false Single It pertains to the cumulative balance of the original capital and prior years’ additional investments, profits or losses and withdrawals by the owner. expenses false Preparation of a Statement of Changes in Equity true statement of changes in equity false None of the above false Single The following are elements of the Statement of Changes in Equity; EXCEPT: additional investments false income false expenses false None of the above true Single