Which of the following is not one of the seven elements defined by the GASB concept statements?
A) Deferred inflow of resources.
B) Expenses.
C) Assets.
D) Net position.

Question

Quizplus · Accepted Answer

Expenses are not one of the seven elements defined by the GASB concept statements. The seven elements defined are assets, deferred outflows of resources, liabilities, deferred inflows of resources, net position, revenues, and expenses.

Which of the Following Is Not One of the Seven