Answer the questions: True or False

PLEASE NEED HELP ASAP

5. The major elements of the income statement are revenues, irregular items, and general expenses. (T/F)

6. The income statement reveals net earnings (net income) of a firm at a point in time. (T/F)

7. The gain or loss on disposal of a segment or component of the business should be reported as an unusual gain or loss. (T/F)

8. When a company discontinues an operation and disposes of the discontinued operation (component), the transaction should be included in the income statement as a gain or loss on disposal reported as an extraordinary item. (T/F)

9. Changes in estimates are not carried back to adjust prior years, but rather are dealt with currently and prospectively. (T/F)

10. A change in accounting principle requires that the cumulative effect of the change for prior periods be shown as an adjustment to stockholders equity of the period in which the change occurred. (T/F)