Which of the Following Statements Is False

question 64

Multiple Choice

Which of the following statements is false?

• A)Owner opinions are one source of objective evidence.
• B)An independent valuation is usually considered reliable.
• C)Reliable data is usually supported by objective evidence.
• D)Reliable data are verifiable.

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Definitions:

Operating Segment

A component of a company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses related to transactions with other components of the same company.

Consolidated Assets

The total assets of a parent company and its subsidiaries, combined into one financial statement as if they were a single entity.

Asset Test

A measure of a company's liquidity, calculated by comparing its most liquid assets to its current liabilities.

Operating Segments

Components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, whose operating results are reviewed regularly by the enterprise's chief operating decision maker.