Asked by
Tushar Singh
on Nov 15, 2024
Verified
Which of the following is not a financial statement element?
A) Liabilities
B) Equity
C) Expenses
D) Fair value
Financial Statement Element
Components of financial statements, like assets, liabilities, equity, revenues, and expenses that provide structure to financial reporting.
Fair Value
The estimated market value of an asset or liability, reflecting the amount at which it could be exchanged between willing parties.
- Identify and understand the elements of financial statements (assets, liabilities, equity, revenue, and expenses).
Verified Answer
MR
Learning Objectives
- Identify and understand the elements of financial statements (assets, liabilities, equity, revenue, and expenses).
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