Which of the Following Statements Is Not True About Assets

question 253

Multiple Choice

Which of the following statements is not true about assets?

• A)They are economic resources owned or controlled by the business.
• B)They are expected to provide future benefits to the business.
• C)They appear on the balance sheet.
• D)They appear on the statement of retained earnings.
• E)Claims on them are shared between creditors and owners.

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Definitions:

Social Gospel

A Protestant movement in the late 19th and early 20th centuries that aimed to apply Christian ethics to social problems, such as economic inequalities, poverty, alcoholism, crime, racial tensions, slums, unclean environment, child labor, inadequate labor unions, poor schools, and the danger of war.

Protestant Church

A Christian church that broke away from the Catholic Church in the 16th century, following the Reformation movements led by figures such as Martin Luther and John Calvin.

Liberty Of Contract

The principle that individuals have the freedom to negotiate the terms of their contracts without excessive government interference.

Middle Border

Refers to the central states of the United States during the 19th century, often considered the region between the Mississippi River and the Rocky Mountains.