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.

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Definitions:

Human Brain Modularity

Refers to the concept that the human brain is composed of specialized regions or modules that have distinct functions.

System 1

A term used in psychology, referring to the fast, automatic, intuitive, and emotional way of thinking, as identified by Daniel Kahneman.

Heuristics

Mental shortcuts or rules of thumb that simplify decision making, not always perfect but often effective for quick judgments.

Neoclassical Economists

Economists who focus on how consumers make choices based on their preferences and budgets, and how those choices affect the use of resources and the distribution of goods.