State whether the following are true or false. If false, explain why.

(a) A statement of fi nancial position is a collection of assets, liabilities and equity.

(b) Inventory, bank and trade payables are all current assets.

(c) Total net assets are property, plant and equipment plus current assets less current liabilities.

(d) Total net assets equal closing equity.

(e) An accrual is an amount prepaid, for example, rent paid in advance.