Which Statement Is Incorrect

question 24

Multiple Choice

Which statement is incorrect?

• A) APB statement No. 4. 'Basic-Concepts and Accounting Principles Underlying Financial Statements of Business Enterprises' was the US profession's first conceptual framework
• B) The trend in accounting over many years has been to reduce disclosure in published reports
• C) The double-entry bookkeeping system was developed in Italy during the 13^th and 14^th centuries
• D) In earlier times many present-day transactions were not contemplated by accountants

---

Definitions:

Economic Independence

The condition of having sufficient personal wealth to live, without having to work actively for basic necessities, or a nation's capacity to create a sustainable and self-sufficient economy without external aid.

Native American Society

The complex and diverse social structures, cultures, and traditions of the indigenous peoples of the Americas before and after European colonization.

Seventeenth Century

The period from January 1, 1601, to December 31, 1700, marking the 17th century in the Gregorian calendar, notable for significant cultural, political, and scientific developments.

Native American Land

Land historically occupied or used by Indigenous peoples of the Americas, often subject to disputes and treaties over sovereignty and rights.