True (T) or False(F) question (20 marks) 1.Accounting is an information and measurement system that identifies, record, and communicates relevant, reliable, and comparable information about an organization's business activities, ( ) 2. The Financial Accounting Standards Board (FASB) Is the public group that sets both broad and specific principles.) 3.A corporation is a business legally separate from its owners() 4.purchase orders are not source documents() 2.Fill in the blank (20marks) 1. General principles consist of four basic principles, there are ), revenue recognition priciple, ) and full disclosure principle. 2.Assets are resources ( ) by a company.Assets are expected to ). 3.Two alternative inventory accounting system can be used to collect information about cost of goods sold and cost of inventory :( ) or ). 4. Four methods are commonly used to assign costs to inventory and to cost of goods sold: ).first-in first-out , last-in first-out and ) 5. Managers use an internal control system to monitor and control business activities. An internal control system consists of policies and procedures managers use to protect assets, ).( ), urge adherence to company policies