Question 1 Nish Patel has prepared the following list of statements about the time period assumption Identify each statement as true or false 1. Adjusting entries would not be necessary if a company's life were not divided into artificial time periods. 2. The tax authorities require companies to file annual tax returns 3. Accountants divide the economic life of a business into artificial time periods, but each transaction affects only one of these periods 4. Accounting time periods are generally a month, a quarter, or a year . A time period lasting one year is called an interim period. 6. All fiscal years are calendar years, but not all calendar years are fiscal years