Answer All of the following True and False questions. The questions are worth 5 marks

1- Liquidity, solvency, and financial flexibility are part of usefulness of the balance sheet

2- Income statement referred to as the statement of financial position repots at specific date

3- Assets and liabilities may have different implication for company's financial flexibility

4-Restricted cash and investments consist of certificate deposit restricted as collateral for lease arrangements

S-A company should not clearly identify any expected loss due to uncollectible