TRUE OR FALSE: ___ An onerous contract in which the unavoidable costs of complying with the obligations undertaken are less than the benefits expected to be received from it. ___ Inventories are assets held for sale in the normal course of the operation, in the process of production for that sale or in the form of materials or supplies, to be consumed in the production process or in the provision of services. ___ The primary objective of International Accounting Standard (IAS) 37 is to ensure that appropriate bases are used for the recognition and measurement of provisions, and contingent capital. ___ International Accounting Standard (IAS) 2 states that the financial statements should disclose the accounting policies adopted for the valuation of income and taxes including the formula for assessing the costs that have been used. ___ International Accounting Standard (IAS) 10 establishes that the entity shall adjust the amounts recognized in its financial statements to reflect the impact of events subsequent to the balance sheet date that involve adjustments. ___ FIFO is the accounting method designed to value inventories and financial matters, which assumes that products in inventories bought or produced before, will be sold or liquidated.