Which of the Statements Below Is FALSE

question 83

Multiple Choice

Which of the statements below is FALSE?

• A)The cash account is much like your individual checkbook,because it tells you how much money you currently have for paying bills or spending on new items.
• B)Current assets are accounts that will normally be turned into cash over the course of the operating or business cycle of the firm,and current liabilities are the accounts that will come due for payment over the operating or business cycle.
• C)The long-term capital asset accounts of the balance sheet represent the capital investment of the company and reflect assets that the company owns and that provide the basis for producing goods and services for sale.
• D)The Plant,Property and Equipment account is straightforward in its description,yet it cannot tell you the accumulated depreciation.

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Definitions:

Elasticity Supply

An indicator of the extent to which the supply of a product is sensitive to price fluctuations.

Straight-Line Demand

A demand curve that displays a constant relationship between price and quantity demanded, represented graphically as a straight line.

Price Ranges

The spectrum of possible prices at which a good or service can be bought or sold, varying by market conditions, quality, location, and other factors.

Elasticity

A concept that measures the responsiveness of one variable in relation to changes in another variable, often used in economics to describe how changes in price affect supply or demand.