Question (12 marks) indicate whether each one of the 12 statements (1 to 12) below is True or False by inserting either I (True) or F (False) next to the corresponding item in the table below. Tor F Item 1. Item 5. Tor F T or F 2. 6. Item 9. 10. 11. 3. 7. 4. 8. 12. 1. The going-concem 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. Even though a trial balance reveals that debits equal the credits, there may still be errors in the company's books. 4. Matching requires expenses be recorded and reported in the same period as the revenue that it helped to generate 5. Publicly accountable enterprises as well as private enterprises in Canada are required to use IFRS (International Financial Reporting Standards). 6. It is necessary to account for company transactions separately from personal transactions of the owner only if the company has more than one shareholder 7. Accrued revenue is recognized when cash is received. 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. 9 When the amount of cash in the cash register exceeds the amount in the cash register tapes, the difference is debited to Cash Over and Short account 10. Segregation of duties is one of the categories of control activities. 11 The expenditures of a petty cash fund are not recorded in the accounting records until the fund is replenished. 12. Trade receivables do not arise from transactions involving the sale of inventory to Customers