Which of the Following Statements in False

question 78

Multiple Choice

Which of the following statements in false?

• A) The new income statement format will try to de-emphasize the focus on the "net income "line item.
• B) The proposed new formal for financial statements was heavily influenced by suggestions of financial statement analysis.
• C) Under GAAP companies can use either a perpetnal or periodic system.
• D) GAAP specifically requires use of multiple-step income statement.

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Definitions:

Formal Operational Stage

The stage in Piaget's theory of cognitive development (beginning around age 12) where individuals develop the ability to think abstractly, reason logically, and plan systematically.

Cognitive Development

The study of how thinking, problem solving, and intelligence change and mature through childhood into adulthood.

Object Permanence

The understanding that objects continue to exist even when they cannot be perceived.

Sensorimotor Stage

The first of the four stages of cognitive development in Piaget's theory, occurring from birth to age 2, where infants learn about the world through their sensory impressions and motor activities.