Which of the statements below is FALSE?
A)The cash account is much like your individual checkbook,because it tells you how much money you currently have for paying bills or spending on new items.
B)Long-term assets are accounts that will normally be turned into cash over the course of the operating or business cycle of the firm,and current liabilities are the accounts that will come due for payment over the operating or business cycle.
C)The long-term capital asset accounts of the balance sheet represent the capital investment of the company and reflect assets that the company owns and that provide the basis for producing goods and services for sale.
D)The Plant,Property and Equipment account is straightforward in its description,yet it really contains two pieces: the original value (purchase price)of the equipment and the accumulated depreciation.

Question

Quizplus · Accepted Answer

Long-term assets are accounts that will not be turned into cash over the course of the operating or business cycle of the firm, while current liabilities are the accounts that will come due for payment within one year.

Which of the Statements Below Is FALSE