True or False $(1$ point each$)1.$ Financial Statements are the abul structured representation of an entity's financial position and results of its 'operations $162.$ General Purpose financial Lonstatements are those intended to meet the needs of users who are not in a position to require an entity to Mice prepare reports tailored to their particular information needs. Fair Presentation is fatefully representing, the effects of transactions and other events in accordance with the criteria for the elements of the financial statements. $4.$ When preparing F$/5,$ the entity's going concern, taking into account all available information In which at least and not limited to one month from the reporting date. $5.$ All financial statements are normally prepared using accr$$al basis, except for Cash Flow statement which is prepared using cash basis. $6.$ A class of similar item when presented in aggregate is called "Line Item presentation:soffit $7.$ Offsetting is permitted when it reflects the substance of the transactions, Examples of which are account receivables and account payables negative balances. $8.$ Financial Statements are prepared at least annually. $9.$ An entity applies an accounting policy retrospectively, newhich makes the statement$($ retroactively. Valleta $(210.$ All Financial Statements are dated as $"$At the beginning of the preceding Period". $11.$ A classified Financial Statement shows no distinction between current and non$-$current items.