Write true of false for the following sentences.( 1x5marks =5 marks)

1. Machinery is part of current asset.

2. Long term Loan is part of current liability.

3. In balance sheet you write asset, liability , owner equity, expenses and revenue.

4. Liabilities that must be paid within 12 months of the balance sheet date are known as current liability.

5. LIFO and FIFO methods of inventory valuation are opposite to each other .