Which financial statements group financial transactions

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Problem 1: Which of the following are not elements of the statement of financial position?

Option 1: Assets and equity.
Option 2: Revenue and expenses.
Option 3: Liabilities.
Option 4: None of these choices.

Problem 2: Financial statements group financial transactions and events into economic characteristics called:

Option 1: Revenue.
Option 2: Comprehensive income.
Option 3: Elements.
Option 4: Activities.

Problem 3: Transactions reflected in the financial statements include:

Option 1: Transactions that occur within the firm.
Option 2: Transactions that occur between the firm and external parties.
Option 3: Transactions that occur both within the firm and between the firm and external parties.
Option 4: Every transaction that has occurred regardless of its origin.

Reference no: EM132823947

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