Read the below statements carefully and determine whether the statements is True or False. Justify your answer.

(a) Financial asset is a contractual right to receive cash or another financial asset from another entity

(b) Trade payables is an example of financial liabilities.

(c) An inventory is an example of financial assets.

(d) Financial instruments which contain both a liability and an equity element should be classified separately according to the substance of the contractual arrangement and the definitions of a financial liability and an equity instrument.

(e) Interest, dividends, losses and gains relating to a financial instrument classified as a financial liability should be recognised as other comprehensive income.

(f) Financial instruments are initially measured at the fair value of the consideration given or received (ie, cost) meanwhile its transaction costs that are directly attributable to the acquisition or issue of the financial instrument should be recognized as finance costs.

(g) Deferred tax assets and liabilities arise from deductible and taxable temporary differences.

(h) Current tax assets and current tax liabilities may be offset if the entity has a legally enforceable right to set off the recognised amounts.

(i) Development costs capitalised in the statement of financial position is an example of temporary differences.

(j) Deferred tax should be credited directly to equity if the tax relates to an item which is also credited directly to equity.

[30 marks]