Part I-True/False Questions-(T/F) 1. The balance of net receivables represents the amount expected to be collected. ( ) 2. Property, plant, and equipment include machinery, equipment, and inventories. ) 3. Disclaimer Given by an auditor when information is insufficient to express an opinion. ( ) 4. Intangible assets usually are reported in the statement of financial position as current assets. ) 5. Disclaimer opinion means that due to substantial reporting errors, qualified opinion is not appropriate ( 6. Subsequent events Occurs after the fiscal year-end, but before the statements are issued