Exercise 9 Choose from the following statement which are True & which Are False 1. _Liquidity refers to the ability of an enterprise to pay its debts as they matu 2. _The balance sheet omits many items that are of financial value to the business but cannot be recorded objectively. 3. _Financial flexibility measures the ability of an enterprise to take effective actions to alter the amounts and timing of cash flows. 4. Companies frequently describe the terms of all long-term liability agreeme in notes to the financial statements. 5._ An asset which is expected to be converted into cash, sold, or consumed within one year of the balance sheet date is always reported as a current asset