Which of the Following Statements Is FALSE

question 66

Multiple Choice

Which of the following statements is FALSE?

• A) Assets are economic resources that are expected to provide future benefits.
• B) Liabilities are economic obligations or claims against the assets of an organization by nonowners.
• C) Assets must always equal the sum of liabilities and owners' equity.
• D) Owners' equity equals the sum of assets and liabilities.

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Definitions:

Turbidity Currents

An underwater current of usually rapidly moving, sediment-laden water moving down a slope, caused by the increased density due to sediments.

Bedding

Layers or beds of varying thickness and character, generally in a sediment or sedimentary rock.

Sediment Supply

The availability of sediment transported by natural processes, such as rivers, glaciers, wind, and waves, to a particular area.

Sea Level

The average height of the ocean's surface between high and low tide, used as a standard in reckoning land elevation or sea depths.