Which of the Following Statements Is Incorrect

question 36

Multiple Choice

Which of the following statements is incorrect?

• A) Current assets are those assets that are realised or consumed within an entity's operating cycle.
• B) For entities with diverse operations, such as retail and banking activities, a mixed basis of presentation may be appropriate.
• C) An entity's operating cycle is usually 12 months but may be longer than 12 months after the reporting period.
• D) An entity is permitted to classify deferred tax assets as current assets.