Tick the correct answer to each of the following statement given below:
1. Unearned income is classified as Current liability.
2. The balance of petty cash is an asset.
3. Goodwill is an Intangible asset.
4. Fixed assets are kept in the business for use over a long period for earing income.
5. Closing stock is valued at cost of market price whichever is Lower.
6. Medicine given to the office staff by a manufacturer of medicines will be debited to Salaries account.