TRUE OR FALSE

1. When a depreciable asset is sold, a loss arises if the sales proceeds exceed the net book value.(TRUE OR FALSE )
2. Variable costs are costs that change with the level of activity (unit volumes).(TRUE OR FALSE )
3. Revenue should be recorded in the same period as the cash is received.(TRUE OR FALSE )
4. For a service business, revenue should be recorded as soon as a contract is signed and agreed.(TRUE OR FALSE )
5. The payment of rent in 2019 will decrease assets and will reduce 2019 net income.(TRUE OR FALSE )