Which of the following basic elements of financial statements is more associated with the balance sheet than the income statement?
A) Equity.
B) Revenue.
C) Gains.
D) Expenses.

Question

Quizplus · Accepted Answer

Equity is a key element in the balance sheet as it highlights the financial position of a company by accounting for its assets, liabilities, and equity, whereas revenue, gains, and expenses are more associated with the income statement, as they reflect a company's profitability over a specific period of time.

Which of the Following Basic Elements of Financial Statements Is