Which One of the Following Statements Is NOT True

question 73

Multiple Choice

Which one of the following statements is NOT true?

• A) An example of a completeness assertion would be that the notes payable account in the balance sheet includes all such obligations of the entity.
• B) An example of a rights/obligations assertion would be that amounts capitalised for leases in the balance sheet represent the cost of the entity's rights to leased property.
• C) An example of a valuation/allocation assertion would be that property, plant, and equipment are listed in the noncurrent section of the balance sheet.
• D) An example of an existence/occurrence assertion would be that sales in the income statement represent exchanges of goods or services that actually took place.

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Definitions:

THC

Tetrahydrocannabinol, the principal psychoactive constituent of cannabis, responsible for its mind-altering effects.

Active Ingredient

The component of a drug or substance that is biologically active and responsible for its effects on the body.

Marijuana

A psychoactive drug from the Cannabis plant used for medical or recreational purposes, known for its effects on mood and perception.

Glaucoma

A group of eye conditions that damage the optic nerve, often associated with increased pressure within the eye.