In the conceptual framework, what are the two types of elements of financial reporting?
A) fundamental and enhancing
B) point-in-time and period-of-time
C) recognition and measurement
D) elements and principles

Question

Quizplus · Accepted Answer

The two types of elements of financial reporting in the conceptual framework are point-in-time elements (like assets and liabilities) and period-of-time elements (like revenues and expenses).

In the Conceptual Framework, What Are the Two Types of Elements