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:

Analytical Fashion

Refers to a methodical approach in breaking down complex information or problems into simpler parts for better understanding and decision-making.

Step-By-Step

A methodical approach to problem-solving or task completion that involves breaking down the process into clearly defined and sequential stages.

Problem Avoiders

People who ignore information indicating a performance opportunity or threat.

Problem Solvers

People who try to solve problems when they occur.