Which of the Following Statements Is FALSE

question 64

Multiple Choice

Which of the following statements is FALSE?

• A)The income statement is put together at a specific point in time (end of a business quarter,or business year)and so the sale could be in one period and the cash received in another period.
• B)The income statement contains the set of expenses associated with the products or services sold during the current operating period,with those expenses not associated with current cash flow labeled as non-cash expense items.
• C)In almost all circumstances depreciation is a current expense of a cash outflow in the current period.
• D)Companies depreciate fixed assets (such as office furniture,equipment,machinery,and buildings)over an assigned time period,but the initial cash outlay for the fixed asset typically occurs at the time the asset is acquired by the firm.

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Definitions:

REM

Rapid Eye Movement, a sleep phase characterized by fast and random movements of the eyes, associated with vivid dreaming and increased brain activity.

Alpha Waves

Brainwave patterns associated with relaxed wakefulness and meditation, typically in the frequency range of 8 to 12 Hz.

Meditating

The practice of focusing one's mind in silent reflection for the purpose of relaxing or spiritual growth.

Hypnotized

The state of having one's attention and consciousness altered by hypnotism, making them more open to suggestion.