Indicate whether the statement is true or false. 1 The unit of measurement concept requires that economic data be recorded in a common unit of measurement 2 paying an account payable increases liabilities and decreases assets 3. The principal financial statements of a proprietorship are the income statement, statement of owner's and the balance sheet. 4. No significant differences exist between the accounting standards issued by the FASB and the IASI 5. Prepaid expenses are an example of an expense. 6. Accounts in the ledger are usually maintained in alphabetical order. 7. The process of recording a transaction in the journal is called journalizing. 8. A credit to the cash account will increase the account. 9. the recording of cash receipts to the cash account will be done by debiting the account. 10. The recording of cash payments from the cash account is done by entering the amount as a credit 11. Revenues are equal to the difference between cash receipts and cash payments. 12. Journal entries can have more than two accounts as long as the debits equal the credits. 13. Normal balances are the side that increase the account balance. 14. The process of transferring the debits and credits from the journal entries to the accounts is kr "updating the accounts". 15. A proof of the equality of debits and credits in the ledger at the end of an accounting period i balance sheet. 16. The financial statements measure precisely the financial condition and results of operations 17. Proper reporting of revenues and expenses in a period is due to the accounting period concern 18. Adjusting entries affect only expense and asset accounts. 19. Office Equipment is an example of a current asset account