$[$True or False$]$ Financial statements are the principal means through which financial

information is communicated to those outside an enterprise.

$[$True or False$]$ One weakness of accrual accounting is that it does not provide a good

indication of the enterprise's present and continuing ability to generate favorable cash flows.

$[$True or False$]$ The International Accounting Standards Board issues International

Accounting Standards.

$[$True or False$]$ The two major standard$-$setting organizations in the world are the

International Accounting Standards Board $($IASB$)$ and International Organization of Securities

Commission $($IOSCO$).$