1. With reference to the preparation of a family's statement of financial position, all the following statements concerning assets are correct, EXCEPT:

Answers:

A. "Use assets" are typically not liquid and are held for the services they provide.

B. Assets for the most part are valued at their fair market values.

C. Assets are often grouped into two or three broad categories, such as personal or financial assets.

D. Inherited assets, financed assets, and rented assets are not shown as assets on the statements.