Which of the Following Statements Is FALSE

question 173

Multiple Choice

Which of the following statements is FALSE?

• A)Under IFRS, a company may exclude a short-term obligation from current liabilities if, at
• Statement of financial position date, the entity expects to refinance under an existing
• Agreement for at least a year, and the decision is solely at its discretion.
• B)Cash dividends should be recorded as a liability when they are declared by the board of
• Directors.
• C)Under the cash basis method, warranty costs are charged to expense as they are paid.
• D)Federal income taxes withheld from employees' payroll cheques should be recorded as
• A long-term liability.

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Definitions:

Renewing Commitments

The act of reaffirming or rededicating oneself to a pledge, promise, or course of action, especially after a period of lapse or uncertainty.

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A state of being comfortable, healthy, or happy, encompassing physical, mental, and emotional health.

Mental Health Services

Professional care and support provided to individuals dealing with mental health issues or disorders.

Well-designed Jobs

Employment roles that are structured to optimize worker satisfaction, productivity, and engagement by matching tasks with the person's skills and interests.