Which of the following statements is not true?
A)Public corporations must use International Financial Reporting Standards.
B)Private corporations can choose to use either International Financial Reporting Standards (IFRS)or Accounting Standards for Private Enterprises (ASPE).
C)Both public and private corporations issue shares.
D)All private corporations are small.

Question

Quizplus · Accepted Answer

Not all private corporations are small; private corporations can vary greatly in size, from small family-owned businesses to large multinational companies. The statement that all private corporations are small is incorrect because the size of a corporation does not determine its status as public or private.

Which of the Following Statements Is Not True