Which of the following statements is false?
A) Under GAAP, the statement of financial position is usually referred to as the statement of assets and equity.
B) The FASB and IASB are working on a joint conceptual framework project.
C) Under IFRS, companies sometimes net liabilities against assets to report "net assets".
D) Assets equals liabilities plus stockholders' equity.

Question

Quizplus · Accepted Answer

Under GAAP, the statement of financial position is usually referred to as the balance sheet, not the statement of assets and equity.

Which of the Following Statements Is False