State with reasons, whether the following statements are true or false: (i) Accrual concept implies accounting on cash basis . (ii) Cost of…

State with reasons, whether the following statements are true or false: (i) Accrual concept implies accounting on cash basis . (ii) Cost of inventories should comprise all cost of purchase. (iii) The sale value of by -product is credited to Trading Account. (iv) In case of bill of exchange, the drawer and the payee may not be the same person but in case of a promissory note, the maker and the payee may be the same person . (v) A Partnership firm cannot own any Assets . (vi) Since company has existence independent of its members, it continues to be in existence despite the death, insolvency or change of members .