Question 2: [5 marks] Determine whether each of these statements is true or false. # Question Answer T, F 1 General purpose financial statements provide useful information to parties other than investors and creditors. 2 The purpose of international accounting standards board is to raise revenues for the services and income supports the community needs 3 When the values and descriptions match what really existed then the information is relevance. 4 Revenues derecognition principle is to recognize revenues in the accounting period in which the performance obligation is satisfied 5 Valuing assets using historical cost helps to provide relevant information