Question TWO [10 marks] Read each of the following statements and decide whether it is TRUE or FALSE. Write in your answer book whether TRUE or FALSE [do not write T of F) against the number representing each statement. [1 mark each] 1] The IASB framework requires that economic substance of transaction to prevail over the legal form to enhance relevance of financial information. 2] Goodwill is only recognized as an intangible asset if it was acquired in a business combination. 3] Amortization is necessary only for intangible assets with indefinite useful lives. 4] Depreciation is one of the accounting practices that reinforce the matching principle. 5] Whenever an entity presents financial statements based on IFRSS, there are only going to be five components in such financial statements. 6] Fundamental qualitative characteristics are necessary to render financial information useful 7] Enhancing qualitative characteristics cannot make irrelevant financial information useful 8] No adjustment is required for an asset when the carrying amount is less than the recoverable amount. 9] According to IFRSS, First In Firy Out (FIFO) assumption is not permitted in valuation of inventories under any circumstances. 10] The revaluation model can be used for subsequent measurement of both tangible and intangible assets.