Hi , I need help with this question

Indicate whether each of the following statements is true or false. Questions with more than one answer selected will be marked as incorrect. Each question is worth 1 mark.

1. Operating activities include the cash effects of transactions that create revenues and expenses.

True

False

2. Investing activities affect non-current asset accounts.

True

False

3. An effective control activity results when at least two individuals are assigned to one cash drawer so that each can serve as check on the other.

True

False

4. The use of electronic funds transfers normally results in better control over cash.

True

False

5. The first-in, first-out (FIFO) inventory cost formula results in an ending inventory valued at the most recent cost.

True

False

6. All property, plant, and equipment must be depreciated for accounting purposes.

True

False

7. Cost of goods available for sale is considered an operating expense for a merchandising company.

True

False

8. Under the accrual basis of accounting, expenses are only recognized when they are paid.

True

False

9. Prepaid expenses are costs that are paid for before they are used. True

True

False

10. When the terms of sale are FOB shipping point, the seller is responsible for any damages to the goods during shipping.

True

False