Question 2 True/False Questions 20 Marks Indicate if the following statements are true or false. Provide your answers as True/False: For example: 2.1 False. 2.1 The concept of prudence means to only include relevant information in the financial statements. 2.2 The going concern principle assumes that a business will continue its business activities for the foreseeable future. 2.3 The debtors control account and debtor's ledger are not part of the double entry system. 2.4 Accrued expenses are expenses that are incurred during the financial period but that have not yet been paid. 2.5 In order qualify as a current liability, the payment procedure must be less than a year (12 months) and meet the recognition criteria for them to be included in the financial statements. 2.6 A credit balance on the Bank Statement indicates an unfavourable balance. 2.7 The most recent purchases will be considered as closing stock in the FIFO stock valuation method. 2.8 Wages paid to the factory cleaner is considered to be indirect labour. 2.9 Rent paid for the factory building is regarded as a variable cost. 2.10 Carriage on purchases of raw materials is regarded as an indirect material cost