True or false question

[1] A CFO repurchases his company's stock and holds it as Treasury Stock. He does not retire the shares. He reserves the right to resell the shares with Board approval. The CFO boasts: "Our company's best ASSETS are these Treasury Shares!" Ture or False: The Treasury Shares are Assets in US GAAP. [2] State and other laws are relevant to how we report Common Stock and sometimes other stock forms of any company. True or False: Depending on the state of incorporation, a company may be permitted to report Common Stock without a PAR value or may be required to assign a PAR VALUE to Common Stock shares. [3] APIC is Additional Paid in Capital True or False: One way to measure APIC is to subtract the PAR Value of shares from their Market Value at the time they are issued. [4] True or False: Earnings is to Retained Earnings as Other Comprehensive Income is to AOCI (Accmulated Other Comprehensive Income) [5] True or False: In US GAAP transactions in Equity CANNOT be recorded in Earnings. This overriding principle is sometimes labelled an "Accounting 101"rule