If the answer is false, please explain why. thank you

TRUE-FALSE STATEMENTS: If each statement is correct, write T. If not, write "F" with the reason why it is incorrect. 1. Management of a business enterprise is the major external user of information. Accounting information is used only by external users with a financial interest in a business enterprise. The primary accounting standard-setting body in the United States is the International Accounting Standards Board. 4. The economic entity assumption requires that the activities of an entity be kept separate and distinct from the activities of its owner and all other economic entities. 5. The principal source of equity is amounts paid in by shareholders. 6. The dividends account is a subdivision of the retained earnings account and appears as an expense on the income statement. 7. A company must make adjusting entries every time it prepares an income statement and a statement of financial position. 8. Accumulated Depreciation is a liability account and has a credit normal account balance. 9. For accounting purposes, business transactions should be kept separate from the personal transactions of the shareholders of the business. 10. The Dividends account is closed to the Income Summary account in order to properly determine net income (or loss) for the period. 11. The post-closing trial balance will contain only statement of equity accounts and statement of financial position accounts. 12. Freight terms of FOB Destination means that the seller pays the freight costs. 13. Sales returns and allowances is reported on the statement of financial position as a contra account to cost of goods sold. 14. Purchase Returns and Allowances and Purchase Discounts are subtracted from Purchases to produce net purchases. 15. Under a perpetual inventory system, inventory shrinkage and lost or stolen goods are more readily determined