Which of the following is false?
A) A company's statement of financial position should only include the assets that it owns
B) An asset is a resource controlled by the enterprise as the result of past events from which economic benefits are expected to flow
C) A company's statement of financial position should include all the assets that it controls
D) A company's statement of financial position may include financial assets, including shares it owns in another company

Question

Quizplus · Accepted Answer

A company's statement of financial position should include all the assets that it controls, not just those it owns. This includes assets leased or held under finance leases.

Which of the Following Is False