Which of the statements below is incorrect:

Unless a dividend is declared by the board of directors of a company, it is not a liability of the company.

The phrase time value of money refers to the fact that a dollar in hand today is worth more than a dollar promised at some time in the future.

A 5-year, 9 percent, $5,000 loan that is amortized with a single fixed payment each year will require the borrower to pay $1,285.46 each year over the next 5 years.

Stealing4Us Corp. allows you to write a check for $115 dated 14 days in the future, for which you get $100 today. Assuming there 365 days in the year, the APR on this loan is around 391%.

A series of constant cash flows that occur at the beginning of each period for a fixed number of periods is called an ordinary annuity.