Which of the Following Statements Is False

question 170

Multiple Choice

Which of the following statements is false?

• A) Under GAAP, the statement of financial position is usually referred to as the statement of assets and equity.
• B) The FASB and IASB are working on a joint conceptual framework project.
• C) Under IFRS, companies sometimes net liabilities against assets to report "net assets".
• D) Assets equals liabilities plus stockholders' equity.

---

Definitions:

Free Will

The concept that humans have the ability to make choices that are not predetermined by past events or natural laws.

Clinical Psychology

A branch of psychology focused on diagnosing and treating mental illness, emotional disturbances, and dysfunctional behavior.

Basic Laws of Behavior

Fundamental principles that describe predictable ways in which organisms learn and behave based on their interactions with the environment.

Cognitive Psychologist

A professional who studies mental processes such as perception, memory, thought, and problem-solving to understand human behavior and cognition.