Which One of the Following Statements Is NOT True

Multiple Choice

Which one of the following statements is NOT true?

A) An example of a completeness assertion would be that the notes payable account in the balance sheet includes all such obligations of the entity.
B) An example of a rights/obligations assertion would be that amounts capitalised for leases in the balance sheet represent the cost of the entity's rights to leased property.
C) An example of a valuation/allocation assertion would be that property, plant, and equipment are listed in the noncurrent section of the balance sheet.
D) An example of an existence/occurrence assertion would be that sales in the income statement represent exchanges of goods or services that actually took place.