Pancreas is not

The correct option is "Located above duodenum".

Let us break down the anatomical characteristics of the pancreas to understand why this statement is incorrect (and thus the correct answer to the question "Pancreas is not"):

1. Elongated organ: Anatomically, the pancreas is indeed an elongated, flattened gland. Therefore, "Elongated organ" is a correct description of the pancreas.
2. Compound gland: The pancreas functions as both an exocrine and an endocrine gland, which makes it a heterocrine or compound gland. Hence, "Compound" is a correct description.
3. Exocrine portion secretes pancreatic juice: The exocrine part of the pancreas consists of acini that secrete alkaline pancreatic juice containing digestive enzymes. This statement is also correct.
4. Location relative to the duodenum: The pancreas is situated retroperitoneally, nestled within the C-shaped curve of the duodenum. Specifically, it lies between the limbs of the loop of the duodenum (or below/behind the stomach, spanning transversely), not above the duodenum. Therefore, the statement "Located above duodenum" is anatomically incorrect.

Since the question asks for what the pancreas is not, the incorrect statement is the correct choice.