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    Question

    Which of the following statements is INCORRECT?

    A Current assets or liabilities are realized/settled within 12 months. Correct Answer Incorrect Answer
    B Withdrawal of money and or goods by the owner from the business for personal use is known as drawings. Correct Answer Incorrect Answer
    C Creditors are persons and or other entities who owe to an enterprise an amount for buying goods and services on credit. Correct Answer Incorrect Answer
    D Costs incurred by a business in the process of earning revenue are known as expenses. Correct Answer Incorrect Answer

    Solution

    The correct answer is C

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