Identify which one of the following statements is false.a. Owners equity solely

Identify which one of the following statements is false.a. Owners equity solely represents theprofits made by an organization in the current period.b. Assets are economic resources that areexpected to benefit future cash inflows or reduce future cashoutflows.c. Liabilities are economic obligations orclaims against the assets of an organization by outsiders.d. Assets must always equal the sum ofliabilities and owners equity.