Assets-liabilities and equity are income statement line

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Reference no: EM13977939

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.

Reference no: EM13977939

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