Which of the Following Statements Concerning a Statement of Financial

question 313

Multiple Choice

Which of the following statements concerning a statement of financial position is (are) correct?

• A) Assets equal liabilities minus shareholders' equity.
• B) Current liabilities can be converted into cash within twelve months.
• C) A patent is an example of an intangible asset.
• D) Retained earnings is classified as long-term debt.
• E) The statement is also known as a profit and loss statement.

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