Write TRUE or FALSE for the following questions

1.All long-term investments are listed on the balance sheet at fair value.

2.In order to prepare the financial statements, the ending balance in each account in the ledger is recomputed to ensure all effects of the adjusting entries have been captured.

3.In order to prepare the financial statements, the ending balance in each account in the ledger is recomputed to ensure all effects of the adjusting entries have been captured.

4.Asset measurement methods that reflect historical values include fair value, present value, replacement cost, and net realizable value.

5.The convergence project between the IASB and GAAP was initiated in 2002 when the two boards entered into the Northward Agreement.