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Which one of the following statements concerning the balance sheet is incorrect? 1. The balance sheet summarizes a firm's accounting value as of a particular

Which one of the following statements concerning the balance sheet is incorrect?

1. The balance sheet summarizes a firm's accounting value as of a particular date.

2. Long-run liabilities are listed on the balance sheet first followed by current liabilities.

3. Assets are listed in descending order of liquidity.

4. The book value of the company to its owners is listed on the balance sheet.

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