The balance sheet value of a firm's assets minus the balance sheet amount of its liabilities is known as

Why is that large businesses that have a lot of accounts receivable and payable cannot use the cash basis of accounting?

A) It doesn't give them an accurate picture of their net profits for a set period. B) The law says that such business cannot use the cash basis of accounting. C) The cash basis of accounting is too complex for large businesses to use. D) They don't have IT systems designed to handle the cash basis of accounting.

Fraudulent financial reporting is an intentional misstatement or omission of amounts or disclosures with the intent to deceive users

Indicate whether the statement is true or false