5. 1 point(s) If inventories are valued using the LIFO cost assumption, they should not be classified as a current asset on the balance sheet (no answer) True False 6. 1 points) Inventory is classified as a current asset in a classified balance sheet. (no answer) True False 7. 1 points) A trial balance does not prove that all transactions have been recorded or that the ledger is correct. (no answer) True False 8. 1 points) The chart of accounts is a listing of the accounts and the account numbers which identify their location in the ledger. (no answer) True False