circle the correct answers for each True/False question below. Worth 2pts each: 40 1) The major difference between a cash basis accounting system and an accrual basis accounting system is the timing of recording revenues and assets. a. True b. False 2) The accounting period used for the annual financial statements is called the fiscal year. a. True b. False 3) The goal of the time period concept is to compute an accurate net income or net loss. a. True b. False 4) Accrued revenue represents the receipt of cash before the revenue has been earned. a. True b. False 5) Adjusting entries may involve any account, including Cash a. True b. False 6) In the case of deferred revenue, the adjusting entry at the end of the period includes a credit to Service Revenue. Assume the deferred revenue is initially recorded as a liability. a. True b. False 7) Prepaid Insurance is an asset account that appears on the balance sheet. a. True b. False 8) A contra account's normal balance (debit or credit) is the opposite of the normal balance of the related account. a. True b. False 9) The sum of all the depreciation expenses recorded