QUESTION 1 - TRUE/FALSE (5 MARKS) Answer the following statements either 'TRUE' or 'FALSE'. 1. The study of accounting will be useful only if a student is interested in working for a profit- oriented business firm. 2. At the time an asset is acquired, cost and fair value should be the same. 3. External transactions involve economic events between the company and some other enterprise or party. 4. Owners' claims to total business assets take precedence over the claims of creditors because owners invest assets in the business and are liable for losses. 5. The primary purpose of the statement of income is to provide information about the cash receipts and cash payments of a company during a period