View Policies Current Attempt in Progress Chloe Davis has prepared the following list of statements about the time period assumption. Identify each statement as true or false. 1. Adjusting entries would not be necessary if a company's life were not divided into artificial time periads. 2. The IRS requires companies to fle annual tax returns. 3. Accountants divide the economic life of a business into artifial time periods, but each transaction affects only one of these periods 4. Accounting time periods are generally a month, a quarter, or a year. 5. A time period lasting one year is called an interim period. 6. All fiscal years are calendar years, but not all calendar years are fiscal years