Which of the following is/are True about Liquidity?

I. If a firm has too much liquidity, it tends to drag down earnings

II. A firm does not need to worry about having too little liquidity, because bond payments can always be deferred if necessary

III. An asset is considered liquid if it can be turned into cash quickly, even if they take significantly less for the asset than its fair value

All are True

All are False

Only I is True

Only I and II are True

Only I and III are true