Which of the Following Statements About Balance Sheets Is False

question 60

Multiple Choice

Which of the following statements about balance sheets is false?

• A)Balance sheets present the monetary value of a change in an economic unit's assets, liabilities, and net worth over a particular period of time, say one year.
• B)The fundamental balance sheet identity is that assets equal liabilities plus net worth.
• C)Balance sheets present the monetary value of an economic unit's assets, liabilities, and net worth.
• D)If the value of liabilities is greater than the value of assets, net worth is negative.

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Definitions:

Coercive Socio-Political System

A form of governance or societal structure where power is maintained and exercised through force, intimidation, or repression.

Authoritarian Command Apparatus

A structure of governance where power is concentrated in the hands of a single authority or a small group, with strict obedience expected from the populace.

The State

An organized political community under one government, recognized as sovereign or exercising authority over a specific territory.

Formal Concept

A concept that is clearly defined by a set of rules, a formal definition, or a classification system.