The International Accounting Standards Board (IASB) defines five interrelated elements of financial statements. Which of the following is not one of those elements?
A) Asset.
B) Income.
C) Equity.
D) All of the choices are elements defined by the IASB.

Question

Quizplus · Accepted Answer

All of the choices listed (Asset, Income, Equity) are indeed elements defined by the International Accounting Standards Board (IASB) as part of the framework for the preparation and presentation of financial statements.

The International Accounting Standards Board (IASB) Defines Five Interrelated Elements