Question (1): State whether the following statements are true or false with a suitable comment: 1) GAAP stands for Generally Accepted Auditing Principles 2) The monetary unit assumption requires that the activities of an entity be kept separate and distinct from the activities of its owner and all other economic entities. 3) Net income for the period is determined by subtracting total expenses and drawings from total revenues 4) The double-entry system of accounting refers to the placement of a double line at the end of a column of figures 5) All business transactions must be entered first in the general ledger. 6) The trial balance will not balance when incorrect account titles are used in journalizing or posting 7) Management of a business enterprise is the major external user of information 8) The hiring of a new company president is an economic event recorded by the financial information system 9) Financial statements are the major means of communicating accounting information to interested parties. 10) The normal balance of all accounts is a debit