Indicate in the space provided after the statement, whether the following statements are True () ex False (F). (1 mark cach) 1. Current assets include all of the following: cash, inventory, equipment, supplies, and accounts receivable. 2. The current ratio is useful in determining a company's ability to pay obligations when they become due 3. The going-concern assumption infers that a company will continue to operate for at least the next year. 4. According to the historical cost principle, assets are measured at the exchange price at the time the activity occurs. 5. Publicly accountable enterprises as well as private enterprises in Canada are required to use IFRS (International Financial Reporting Standards). 6. It is necessary to account for company transactions separately from personal transactions of the owner only if the company has more than one shareholder 7. Matching requires expenses be recorded and reported in the same period as the revenue that it helped to generate 8. Accrued revenue is recognized when cash is received. 9. When an expense is incurred prior to the payment of cash for that expense, an adjusting journal entry that increases an expense account and decreases a liability is prepared. 10. Risk assessment is one of the elements of a good system of internal control 11. The expenditures of petty cash are not recorded in the accounting records until the fund is replenished 12. When the amount of cash in the cash register exceeds the amount in the cash register tapes, the difference is debited to Cash Over and Short account