State whether the following statements are True or False and if false, correct them 1. Inventory must be shown on the credits side of the balance sheet. 2. The amount spent for acquiring of fixed assets is a capital expenditure. 3. Current assets are also known as fixed assets 4. Cash or valuables owned by a business are a liability 5. Under the cost concept, it is assumed that a business unit is an independent entity, distinct and completely separate from its owners