What is the term that describes the building blocks of the financial statements?
A)fundamental characteristics
B)enhancing characteristics
C)elements
D)assets

Question

Quizplus · Accepted Answer

The elements are the building blocks of the financial statements, consisting of assets, liabilities, equity, income, and expenses.

Note: A is incorrect, as the fundamental characteristics refer to relevance and faithful representation. B is incorrect, as the enhancing characteristics refer to comparability, verifiability, timeliness, and understandability. D is a specific element, but not the term that describes all the building blocks.

What Is the Term That Describes the Building Blocks of the Financial