Indicate whether each statement is true or false. If the statement is false, provide a brief explanation of why it is false.

1. A disclosed basis of accounting is GAAP.

2. An audit opinion can be provided on a disclosed basis of accounting.

3. A disclosed basis of accounting is used to provide more useful information for the users.

4. Note disclosure is required if a disclosed basis of accounting is used.

5. A public company can use a disclosed basis of accounting.