Which of the following statements is NOT correct? A. A caravan is an asset for its owner. B. The fortnightly government pension is an income for the retiree. C. The rent paid to the landlord is an expense for the tenant. D. The purchase of a TV is an expense for the buyer of the TV. E. The credit card balance is a liability for the credit card holder.

Which of the following statements is NOT correct? A. A caravan is an asset for its owner. B. The fortnightly government pension is an income for the retiree. C. The rent paid to the landlord is an expense for the tenant. D. The purchase of a TV is an expense for the buyer of the TV. E. The credit card balance is a liability for the credit card holder.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter14: Activities Required In Completing A Quality Audit

Section: Chapter Questions

Problem 65RSCQ

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Question

Which of the following statements is NOT correct?

	A.	A caravan is an asset for its owner.
	B.	The fortnightly government pension is an income for the retiree.
	C.	The rent paid to the landlord is an expense for the tenant.
	D.	The purchase of a TV is an expense for the buyer of the TV.
	E.	The credit card balance is a liability for the credit card holder.

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