Which One of the Following Statements Is NOT True

question 71

Multiple Choice

Which one of the following statements is NOT true?

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Definitions:

Correction

A process of adjusting or rectifying errors in financial statements or any documents.

Intangible Assets

Assets that lack physical substance and represent legal rights or competitive advantages (e.g., trademarks, patents).

Physical Substance

A characteristic of certain assets that possess material existence and can be seen, touched, or quantified.

Ownership

The legal right or state of having control and possession over something, such as property or a company.