4) Investments in debt securities can be either a short-term or long-term asset. These investments can be classified as either trading securities or available-for-sale securities. (True/False)

5) Utilities are an operating expense. Utilities can be further broken down as a selling expense or as an administrative expense. (True/False)

6) Recognition of financial information can only be recognized in the body of financial statements. Disclosure of financial information can take place either in the body of financial statements or in footnotes to financial statements. (True/False)