VTR Corporation's accounting information system recently reported the following information: Cost of goods sold, $1,500.Inventory, $15,000.Unearned service fees, $3,000.Service fees earned, $8,000.Which element of financial statements is not included in the preceding data?
A)Assets
B)Equity
C)Expense
D)Liabilities

Question

Quizplus · Accepted Answer

Equity is not directly included in the provided data. The information given relates to assets (Inventory), liabilities (Unearned service fees), and expenses (Cost of goods sold), as well as revenues (Service fees earned), but there is no direct mention of equity components like retained earnings or contributed capital.

VTR Corporation's Accounting Information System Recently Reported the Following Information