The only element in financial statements which has no independent definition under the conceptual framework is:
A) assets.
B) liabilities.
C) equity.
D) expenses.

Question

Quizplus · Accepted Answer

According to the conceptual framework, assets, liabilities, and expenses have independent definitions. However, the definition of equity is derived from the definition of assets and liabilities, making it unique among the financial statement elements.

The Only Element in Financial Statements Which Has No Independent