5 of 19 2 Marks Which of the following statements is false? . Assets must always equal the sum of liabilities and shareholders' equity. ob. Assets are economic resources that are expected to benefit future cash inflows or reduce future cash outflows. oc Liabilities are econonte obligations or claims against the assets of an organization by outsiders. od Shareholders' equity solely represents the net earnings generated by an organization in the current accounting period. Unsure 2 6 of 19 Marks An example of an external transaction is: oa. Signing a contract to perform services in two months, at which time payment will be received O b. Recognizing depreciation expense. O c. Cash payment in advance for renting a warehouse for three months. O d. Accruing wages payable at the end of the month. Oe. All of the other statements. Unsure