Solve the tests

1) Liabilities are the opposite of assets. a) true b) false 2) Trade receivables is money owed to a business by customers. a) true b) false 3) Balance sheet: The statement of financial position is a snapshot of the financial position of the business at a given point in time. a) true b) false 4) Current assets are assets that are expected to be sold or converted into another form within one year. a) true b) false 5) Current liabilities are debts that the business must pay within one year a) true b) false