Which of the following statements are false? (There are multiple false statements and you must select only those that are true in order to get full credit for the question.)

Financial statements are used by management, creditors and investors as well as other internal and external users.

For a given account, you should record an entry on its normal balance side (i.e., debit or credit side) if you want to increase the account's balance.

Journalizing is the process of transferring the debits and credits from journal entries to the accounts in the company's general ledger.

In double-entry accounting, every transaction affects at least two accounts.

In accrual basis accounting, net profit is the difference between incoming cash and outgoing cash.