Which statement is not true?

A) To be a liability, the transaction or event obligating the entity must already have occurred.
B) The net worth of an entity is equal to its assets.
C) The specific identity of the "creditor" need not be known with certainty for a liability to exist.
D) Stockholders' equity may not exist apart from the corporate assets and liabilities.

Stockholders' Equity

The residual interest in the assets of a corporation after deducting liabilities, representing the owners' equity in the company.

Creditor

An entity (person or institution) that extends credit by lending money or extending credit lines, to which a debtor owes repayment.

Net Worth

The total assets minus total liabilities of an individual or company, representing the owner's equity.