Which of the following is not a basic element of financial statements?
A) Assets.
B) Statement of financial position.
C) Expenses.
D) Income.

Question

Quizplus · Accepted Answer

The statement of financial position is not a basic element of financial statements but rather a type of financial statement itself. The basic elements include assets, liabilities, equity, income, and expenses, which are components that make up the financial statements.

Which of the Following Is Not a Basic Element of Financial