Which statement is incorrect?
A) Net assets, net worth, shareholders' equity and proprietorship are all synonyms for equity
B) The settlement of a liability by the owner from his private funds results in an increase in equity
C) Under the Framework equity exists only because there are assets and liabilities
D) None of the statements is incorrect, i.e., all are correct

Question

Quizplus · Accepted Answer

The Answer of Which statement is incorrect?
A) Net assets, net worth, shareholders' equity and proprietorship are all synonyms for equity
B) The settlement of a liability by the owner from his private funds results in an increase in equity
C) Under the Framework equity exists only because there are assets and liabilities
D) None of the statements is incorrect, i.e., all are correct

Which Statement Is Incorrect