Elements of financial statements are prescribed by the Conceptual Framework of financial accounting. These elements include liabilities, equity, revenues, expenses and gains and losses. Required: a) By use of examples, list and describe five different sub-elements within equity. b) By use of examples describe gains and losses elements in financial statements.

Elements of financial statements are prescribed by the Conceptual Framework of financial accounting. These elements include liabilities, equity, revenues, expenses and gains and losses. Required: a) By use of examples, list and describe five different sub-elements within equity. b) By use of examples describe gains and losses elements in financial statements.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA1: International Financial Reporting Standards

Section: Chapter Questions

Problem 7MCQ

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