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Which is not a basic element of financial statements

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Reference no: EM132995876

Problem 1: Which of the following is not a basic element of financial statements?

A) Assets.

B) Balance sheet.

C) Losses.

D) Revenue.

Problem 2: Information about different entities and about different periods of the same entity can be prepared and presented in a similar manner. Comparability and consistency are related to which of these objectives?

A) Comparability among entities and consistency among entities.

B) Comparability among entities and consistency among periods.

C) Comparability among periods and consistency among entities.

D) Comparability among periods and consistency among periods.

Problem 3: The elements of financial statements include investments by owners. These are increases in an entity's net assets resulting from owners'(You can choose more than 1 options)

A) transfers of assets to the entity.

B) rendering services to the entity.

C) satisfaction of liabilities of the entity.

Reference no: EM132995876

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