Examlex
Which of the following statements is false?
Double-entry Accounting
An accounting method that records each transaction twice, as both a debit and a credit, to ensure the accounting equation remains balanced.
Accounting Equation
The fundamental formula in accounting that represents the relationship between assets, liabilities, and owner's equity: Assets = Liabilities + Owner's Equity.
Net Worth
The total assets minus total liabilities of an individual or entity, representing financial position at a specific time.
Generally Accepted Accounting Principles
A collection of commonly-followed accounting rules and standards for financial reporting.
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