State whether the following are true or false. If false, explain why.

(a) A balance sheet is a collection of assets, liabilities and capital.

(b) Stock, bank and creditors are all current assets.

(c) Total net assets is fixed assets plus current assets less current liabilities.

(d) Total net assets equals closing capital.

(e) An accrual is an amount prepaid, for example, rent paid in advance. L01