Which one of the following statements is not true?
A) The statement of financial position shows the financial situation of an entity on the last day of its accounting year.
B) Current liabilities + non-current liabilities = total liabilities.
C) The statement of financial position does not show all the assets of the organization.
D) The International Accounting Standards Board defines equity as "the residual interest in the assets of the entity after adding all its liabilities."

Question

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The Answer of Which one of the following statements is not true?
A) The statement of financial position shows the financial situation of an entity on the last day of its accounting year.
B) Current liabilities + non-current liabilities = total liabilities.
C) The statement of financial position does not show all the assets of the organization.
D) The International Accounting Standards Board defines equity as "the residual interest in the assets of the entity after adding all its liabilities."

Which One of the Following Statements Is Not True