Which of the following is not considered an element of the statement of financial position?
A) Liabilities
B) Equity
C) Expenses
D) Assets

Question

Quizplus · Accepted Answer

The statement of financial position, also known as the balance sheet, includes three elements: assets, liabilities, and equity. Expenses are not included in the statement of financial position as they are reflected in the statement of profit or loss.

Which of the Following Is Not Considered an Element of the Statement