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:

Amputated Structure

A body part that has been surgically or traumatically removed.

Somatosensory Cortex

The somatosensory cortex is a region of the cerebral cortex involved in processing sensory information from the body, including touch, temperature, and pain.

Frontal Lobe

The region of the brain located at the front of each cerebral hemisphere, responsible for decision making, problem solving, and voluntary movements.

Temporal Lobe

A region of the cerebral cortex responsible for processing auditory information and involved in speech and memory functions.