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:

Sugar

A sweet-tasting, soluble carbohydrate found in many plants, which is commonly used as a sweetener in food.

Slope

The measure of the steepness or incline of a line, defined as the ratio of the vertical change to the horizontal change between two points on the line.

API Gravity Degrees

A measure used in the petroleum industry that expresses the density of petroleum liquids relative to water; higher API gravity indicates a lighter oil.

Standardized Residuals

The differences between observed and predicted values, scaled by an estimate of standard deviation.