Identify which one of the following statements isfalse.a.Owners equity solely re

Identify which one of the following statements isfalse.a.Owners equity solely representsthe profits made by an organization in the currentperiod.b.Assets are economic resources thatare expected to benefit future cash inflows or reduce future cashoutflows.c.Liabilities are economicobligations or claims against the assets of an organization byoutsiders.d.Assets must always equal the sum ofliabilities and owners equity.