Student name:__________ TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false. 1) Current liabilities are defined as liabilities with a maturity of less than one year. ⊚ true ⊚ false 2) A decline in the Net Property, Plant, and Equipment account between year-end 2020 and year-end 2021 is a clear indication that fixed assets were sold during 2021. ⊚ true ⊚ false 3) When reporting financial performance for tax purposes, U.S. companies prefer to use accelerated depreciation methods over the straight-line method. ⊚ true ⊚ false 4) Accounting rules require U.S. companies to depreciate research and development (R&D) expenditures using the straight-line method. ⊚ true ⊚ false 5) You can construct a sources and uses statement for 2021 if you have a company’s yearend balance sheets for 2021 and 2022. ⊚ true ⊚ false 6) A reduction in long-term debt is a use of cash. ⊚ true ⊚ false 7) The accrual principle r