Final answer:
Apostrophes indicate possession for both singular and plural nouns as well as form contractions, thus the statement is true.
Step-by-step explanation:
The statement is true; apostrophes are used to indicate possession in several ways.
When dealing with singular nouns or indefinite pronouns, possession is shown by adding an apostrophe followed by an s (Jack's brother, everyone's favorite). If the noun is plural and ends in an s, then the apostrophe is placed after the s (households' incomes). However, there is one instance where usage can vary: with singular nouns that end in an s. Style guides like MLA, APA, and Chicago recommend adding both the apostrophe and s even when the additional s is not pronounced (David Myers's book).
Apart from possession, apostrophes are also utilized to form contractions by indicating the omission of letters (don't, it's).