The elements of financial statements,as outlined in the conceptual framework,are:
A) assets, liabilities, equity, income, expenses
B) balance sheet, income statement, cash flow statement
C) materiality, comparability, relevance, reliability
D) historical cost, current cost, net market value, constant purchasing power

Question

Quizplus · Accepted Answer

The elements of financial statements, as per the conceptual framework, include assets, liabilities, equity, income, and expenses. These elements help in understanding the financial position, performance, and changes in the financial position of an entity.

The Elements of Financial Statements,as Outlined in the Conceptual Framework,are