Please indicate whether each of the following statements is true of false. If you think a statement is false, please provide your reason.

1. Changing from one policy to another policy should employ retrospective adjustments.
2. A company changes its estimates because it believes that such practice fits its current economic status better. Such treatment is an example of an accounting error.
3. When customers pay the company with non-cash considerations, companies generally recognize revenue on the basis of the fair value of what is given up.
4. Counterbalancing errors normally take longer than two periods to correct themselves.
5. Companies must make correcting entries for non-counterbalancing errors, even if they have closed the prior years books.
6. The error in the Statement of financial position affect only the presentation of asset or liability accounts.
7. Revenue is recognized in the accounting period when the performance obligation is satisfied.
8. Sales of a cup of milk tea contains two separate performance obligations, milk and tea.
9. Change in estimated lives of depreciable assets should employ retrospective adjustments.
10. Companies record corrections of errors from prior periods as an adjustment to the ending balance of retained earnings in the current period.