True or false

1. The primary objective of financial reporting is to provide information about the firm that will be beneficial to all stakeholders. True or false

2. NSF checks are those issued by the firm as payment and are not yet presented to the banks for encashment. True or False

3. Disclosures can also be presented in the face of a financial statement. True or False

4. The statement of financial position shows the net worth of a business. True or False

5. The statement of owner's equity of a partnership includes capital reserves. True or False

6. The elements of an income statement include revenues and prepaid expenses. True or False

7. The adjusted trial balance is also a financial statement. True or False

8. Purchase of plant assets is a financing activity. True or False

9. The most liquid asset of a company is cash. True or False

10. When using the fluctuation fund system in petty cash fund accounting, disbursements out of the fund are credited to Cash in Bank. True or False