TRUE OR FALSE
1. Information has the qualitative characteristic of relevance if it is capable of making a difference in the decision of users.
2. Under this concept, amounts in the financial statements are stated in Philippine pesos and changes in the purchasing power of the Philippine peso due to inflation are generally ignored.
3. Under the accrual basis of accounting, a business record sale when the sale occurs.
4. Treating a business and its owner as one and the same violates the principle of going concern.
5. An item that is considered material by one business is always considered material by all other businesses.