Which of the following statements is false? [A] cash and cash equivalents is always presented under current assets [B] all economic resources that are sold, realized, or consumed more than 12 months after reporting date are always considered noncurrent assets [C] those assets held for trading are presented under current assets [D] assets are economic resources that are expected to provide probable future economic benefit and have a value or a cost that can be measured reliably
Which of the following statements is false? [A] cash and cash equivalents is always presented under current assets [B] all economic resources that are sold, realized, or consumed more than 12 months after reporting date are always considered noncurrent assets [C] those assets held for trading are presented under current assets [D] assets are economic resources that are expected to provide probable future economic benefit and have a value or a cost that can be measured reliably
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following statements is false?
[A] cash and cash equivalents is always presented under current assets
[B] all economic resources that are sold, realized, or consumed more than 12 months after reporting date are always considered noncurrent assets
[C] those assets held for trading are presented under current assets
[D] assets are economic resources that are expected to provide probable future economic benefit and have a value or a cost that can be measured reliably
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