Which of the following basic elements of financial statements is not associated with the statement of financial position?

Question

Quizplus · Accepted Answer

The statement of financial position, also known as the balance sheet, reports a company's assets, liabilities, and equity at a specific point in time. Income is not a component of the statement of financial position, but it is reported in the income statement. Therefore, option A is not associated with the statement of financial position.

Which of the Following Basic Elements of Financial Statements Is