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.