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:

Unsecured Loans

Loans that are issued and supported only by the borrower's creditworthiness, rather than by any type of collateral.