Which of the following is not true regarding the asset-liability approach to defining accounting elements?
a. The asset-liability approach focuses on the measurement of net assets.
b. The asset-liability approach is arguably superior to the revenue-expense approach.
c. The asset-liability approach is the basic orientation of current financial reporting practices.
d. SFAS No. 109 uses the asset-liability approach by focusing income tax accounting on the recognition of tax assets and liabilities.
ANSWER: C
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