- 1 Marks
Question
Which of the following is not an element of financial statements?
A. Asset
B. Liability
C. Equity interest
D. Income
E. Profit
Answer
Answer: E. Profit
Explanation: The elements of financial statements as defined by the IASB include assets, liabilities, equity, income, and expenses. Profit is not a fundamental element but is derived from income and expenses, making it part of the financial performance calculation rather than a standalone element.
- Tags: Asset, Elements of Financial Statements, Equity, Liability
- Level: Level 1
- Topic: Elements of Financial Statements
- Series: NOV 2019
- Uploader: Dotse