Part C. True or False. Write T if it is correct and F if it is wrong. Please write the correct answers with the order number on the answer sheet. (A total of 10 questions and each item 1 points, total 10 points) 1. Balance sheet is generally prepared first. 2. Financial accounting is the area of accounting aimed at serving external users by providing them with general-purpose financial statements. 3. The primary objective of managerial accounting is to provide general purpose financial statements to help external users analyze and interpret an organization's activities. 4. Neither U.S. GAAP nor IFRS require the use of accrual basis accounting. 5. The balance sheet reports the financial position of a company at a point in time. 6. The form listing the titles and balances of the accounts in the ledger on a given date is the trial balance. 7. Accounts that appear in the balance sheet are often called temporary (nominal) accounts. 8. Paying each bill as soon as the invoice arrives contributes to efficient cash management. 9. Interim financial statements report a company's business activities for a one-year period. 10. The cash basis of accounting is a system in which revenues are recorded when earned and expenses are recorded when incurred