Which of the following is false?
A) Relevance is the qualitative characteristic of accounting information that says the information would make a difference in a user's decision.
B) The matching principle holds that all expenses incurred in the earning of revenue should be recognized in the same period as the revenue earned.
C) Trade receivables would normally be classified as a current asset.
D) Accumulated depreciation would normally appear in the income statement.

Question

Quizplus · Accepted Answer

Accumulated depreciation is a contra-asset account and would appear in the balance sheet, not the income statement.

Which of the Following Is False