Which of the Following Statements Is False

question 22

Multiple Choice

Which of the following statements is false?

• A)An expense is a cost incurred to generate revenues.
• B)Expenses are reported on the income statement as they are incurred.
• C)Revenues are reported on the income statement as they are earned.
• D)Revenues result in an increase in net assets, net income, and contributed capital.

---

Definitions:

American Nationality

The legal status or identity of a person as a citizen of the United States, encompassing the rights and duties associated with such citizenship.

Immigrants

People who move to a foreign country or region with the intention of settling and living there, often in search of better life opportunities, work, or safety.

Blacks

Refers to individuals of African descent, often used within the context of discussing historical and contemporary issues of race and culture.

Executive Order 8802

A landmark order issued by President Franklin D. Roosevelt in 1941, prohibiting ethnic or racial discrimination in the defense industry or government.