Which of the following is incorrect

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Which of the following is incorrect?

A. Profit is excess of income over outgo

B. Profits are excess of assets over liabilities

C. The same yardstick as is followed by a firm can be applied while life ins. valuation

D. All of the above

Answer: Option C

The same yardstick as is followed by a firm cannot be applied while life insurance valuation. Both have different ways.

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