Which of the Following Statements Regarding Assets Is Not True

question 67

Multiple Choice

Which of the following statements regarding assets is not true?

• A) An asset represents a probable future economic benefit.
• B) Assets are obtained or controlled as a result of past or probable future transactions or events.
• C) Assets reported on the balance sheet include both monetary and nonmonetary resources.
• D) Assets include costs that have not yet been matched with revenues.

---

Definitions:

Ignorant and Free

A notion often debunked that suggests freedom can exist alongside a lack of knowledge or education; most argue that true freedom requires informed citizens.

Thomas Jefferson

An American Founding Father, the principal author of the Declaration of Independence, and the third President of the United States, known for his contributions to the early development of the U.S.

Virtue

is a trait or quality deemed to be morally good and thus is valued as a foundation of good moral being.

Grounding Conductor

The conductor that is used to force a piece of equipment to exist at ground potential. It is generally green in color or bare.