Knowledge Check 01 Which of the following statements about the balance sheet are true? (Select all that apply.) Check All That Apply A classified balance sheet to provide useful information about liquidity and long-term solvency. Liquidity refers to an assessment of whether a company will be able to pay all its liabilities. Although many valuable resources are not recorded as assets in the balance sheet, these resources are reflected in the company's book value. The less financial flexibility, the more risk there is that an enterprise will fail