Indicate whether each of the following statements is true or false:
1. Current liabilities are payable out of current assets within one year or the operating cycle, whichever is less
2. The going concern assumption says that, unless there is evidence to the contrary, accountants should assume a company will continue to operate
3. A company should report its liabilities at their net realizable value
4. The maker of a promissory note records a liability on its books
5. Issuing a promissory note is an asset source transaction

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The Answer of Indicate whether each of the following statements is true or false:
1. Current liabilities are payable out of current assets within one year or the operating cycle, whichever is less
2. The going concern assumption says that, unless there is evidence to the contrary, accountants should assume a company will continue to operate
3. A company should report its liabilities at their net realizable value
4. The maker of a promissory note records a liability on its books
5. Issuing a promissory note is an asset source transaction

Indicate Whether Each of the Following Statements Is True or False