Indicate whether each of the following statements is true or false:

1. Probable future events have no bearing on todays accounting valuations.

2. Accounting records are only historical.

3. In the United States, income tax laws often define good accounting practices.

4. Most companies provide different financial statements to different audiences.

5. Accounting processes for nonprofit (not-for-profit) entities are in general, the same as those for profit-seeking companies.