Indicate whether each one of the 12 statements (1 to 12) below is True or False by inserting either T (True) or F (False) next to the corresponding item in the table below. Item 1. Tor F Tor F Item 5. Item 9. Tor F 2. 6. 10. 3. 7. 11. 4. 8. 12. 1. The going-concern assumption infers that a company will continue to operate for at least the next year. 2. According to the historical cost principle, assets are measured at the exchange price at the time the activity occurs. 3. It is necessary to account for company transactions separately from personal transactions of the owner only if the company has more than one shareholder. 4. Even though a trial balance reveals that debits equal the credits, there may still be errors in the company's books. 5. Publicly accountable enterprises as well as private enterprises in Canada are required to use IFRS (International Financial Reporting Standards). 6. Accrued revenue is recognized when cash is received. 7. Matching requires expenses be recorded and reported in the same period as the revenue that it helped to generate. 8. When an expense is incurred prior to the payment of cash for that expense, an adjusting journal entry that increases an expense account and decreases a liability is prepared. UL