_____ Under FAS 117, which of the following statements is false concerning the statement of financial position?
A) Assets and liabilities may be presented in a "layered" format.
B) Assets and liabilities may be presented using a classified format.
C) Assets and liabilities may be presented using an unclassified format, sequenced by liquidity.
D) The difference between total assets and liabilities can be described as equity instead of net assets.
E) None of the above.

Question

_____	Under FAS 117, which of the following statements is false concerning the statement of financial position?
A) Assets and liabilities may be presented in a "layered" format.
B) Assets and liabilities may be presented using a classified format.
C) Assets and liabilities may be presented using an unclassified format, sequenced by liquidity.
D) The difference between total assets and liabilities can be described as equity instead of net assets.
E) None of the above.

Quizplus · Accepted Answer

The Answer of _____	Under FAS 117, which of the following statements is false concerning the statement of financial position?
A) Assets and liabilities may be presented in a "layered" format.
B) Assets and liabilities may be presented using a classified format.
C) Assets and liabilities may be presented using an unclassified format, sequenced by liquidity.
D) The difference between total assets and liabilities can be described as equity instead of net assets.
E) None of the above.

_____ Under FAS 117, Which of the Following Statements Is False