True or False:

1. The primary audit concern with the verification of long-term liabilities is that all liabilities are recorded and that the interest expense is properly paid or accrued.

2. When fixed assets are acquired during the year under audit, auditors should inquire about the source of funds for financing the new asset.

3. Confirmation requests should be sent only to lenders with a liability balance at the audit date.

4. Confirmation and inquiry procedures are not required for a class of items loosely termed off balance sheet information.

5. The balance sheet classification of investments by management should be confirmed with outside parties.