Which of the following is not a correct statement about, Ask an Expert

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Which of the following is not a correct statement about financial statements?

A “Assets = Liabilities + Equity” is called accounting equation.

B Assets are resources owned by a firm.

C Liabilities are claims owed to outsiders (creditors) against a firm’s assets.

D Equity is the claim a firm’s owners (stockholders) have against their company’s assets.

E Assets, liabilities, and equity are income statement line items.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91672710

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