Which of the Following Statements Is NOT True

question 89

Multiple Choice

Which of the following statements is NOT true?

• A) An example of a valuation/allocation assertion would be that property, plant and equipment are listed in the noncurrent section of the Balance Sheet.
• B) An example of an existence/occurrence assertion would be that sales in the income statement represent exchanges of goods or services that actually took place.
• C) An example of a completeness assertion would be that the notes payable account in the balance sheet includes all such obligations of the entity.
• D) An example of a rights/obligations assertion would be that amounts capitalised for leases in the balance sheet represent the cost of the entity's rights to leased property.

Comprehend the significance of notes to financial statements.

Understand the distinction between financial and managerial accounting in terms of their focus and information provided.

Analyze the importance of critical thinking in evaluating accounting principles and practices.

Understand the procedural steps the FASB follows in issuing new accounting statements.

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Definitions:

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