Please identify the following statements as true or false by circling the letters "T" or "F" corresponding to each statement below: 30 marks 1. Accounting can be defined as an information system that provides reports to users about the economic activities and condition of a business. TIF 2. The role of accounting is to provide many different users with financial information to make economic decisions. TIF 3. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide information to the management. T F 4. The objective of financial accounting is to provide relevant and timely information for the decision-making needs of users inside the business T I F 5. The primary role of accounting is to determine the amount of taxes a business will be required to pay to taxing entities. TIF 6. The Financial Accounting Standards Board (FASB) is the authoritative body that has primary responsibility for developing accounting principles. TIF 7. Generally accepted accounting principles regulate how and what financial information is reported by businesses. T / F 8. If the liabilities owed by a business total $300,000 and owner's equity is equal to $300,000, then the assets also total $300,000. TI F 9. If total assets decreased by $30,000 during a specific period and owner's equity decreased by $35,000 during the same period, the period's change in total liabilities was a $65,000 increase. T 1 F