How bad is it that i got this one wrong on the mock?

Which of the following are not an element of financial statements? a) assets b) liabilities c) revenue d) net income

HA HAAAAAAAAAAA… I GOT THAT SAME ONE WRONG! gotta remember the basics… Assets, liabilities, revenues, expenses, owners equity… i wouldnt know that if i hadnt got that one wrong. dont feel bad

I got that one wrong too lol

Thanks, I feel better. We just think too hard sometimes.

what’s the answer??? i thought they’re all on some type of financial statement… it didnt specify if it’s B/s , I/s or anything… ??? what was the answer?

D, NI is a function of Rev-expenses on IS. Assets, liabilities and Equity are bases on the b/s.

Income statement is a financial statement…

What did you put instead? Net income is wrong, I’m assuming

Revenue. No idea what I was thinking. Equity might have been one of the choices, I forget.

basically elements are things on FS that we keep accounts of in the charts of accounts. As there is no account maintained for NI, so it is not an element. I think its on the second or third page of the second reading of FSA.

I know mad, that is why I felt so dumb. Thinking way too hard.

I got that one wrong too !!! Was MAD to say the least !!

I didn’t get this one on mock 1. I will do mock 2 later… Just got an awful score on 1 though… not good for the motivation, but must keep going.