Indicate whether each of the following statements is true or false.
1. Accounts payable is classified as a current asset
2. Accounts receivable is classified as a current asset
3. A current asset will be converted into cash or consumed within one year or an operating cycle
4. Prepaid insurance is a current liability
5. The receipt of a customer's advance payment for a service to be performed during the next three months is a current liability

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The Answer of Indicate whether each of the following statements is true or false.
1. Accounts payable is classified as a current asset
2. Accounts receivable is classified as a current asset
3. A current asset will be converted into cash or consumed within one year or an operating cycle
4. Prepaid insurance is a current liability
5. The receipt of a customer's advance payment for a service to be performed during the next three months is a current liability

Indicate Whether Each of the Following Statements Is True or False