Why net income is not a financial statement element?

CFA Level I
#1

Question:

Which of the following is least likely a financial statement element?

А) Owners equity

B) Revenues

C) Net income (right answer).

Why?

#2

Net income is part of statement of equity holders. It is the result of Income Statement not an element of income statement. I dont know if i have explained it correctly, other people can add up or correct me if i am wrong.

#3

wow, i actually have never come across a question like this.

I guess the word “element” kind of threw me off.

But the explanation is probably that net income is a line item derived from other “elements”.

#4

I cannot imagine that the purpose of the Level I CFA exam is to determine whether the candidate knows the definition of an element of a financial statement (as distinguished from the result of a financial statement, or whatever).

#5

did i explain it rightly or is it wrong?

#6

This question is from Elan

#7

Of course, net income is an element of financial statement. Both the question and the answer are funny !

#8

Apparently elements are assets, liabilities, owners’ equity, revenues, and expenses. According to schweser…