Which of the following represents all the elements of the financial statements? A. Assets, equity, and liabilities. B. Assets, liabilities, equity and statement of comprehensive income. C. Notes, Equity, Drawings, income and expenses. D. Asset, liabilities, equity, income and expenses.

Which of the following represents all the elements of the financial statements? A. Assets, equity, and liabilities. B. Assets, liabilities, equity and statement of comprehensive income. C. Notes, Equity, Drawings, income and expenses. D. Asset, liabilities, equity, income and expenses.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Which of the following represents all the elements of the financial statements?
A. Assets, equity, and liabilities.
B. Assets, liabilities, equity and statement of comprehensive income.
C. Notes, Equity, Drawings, income and expenses.
D. Asset, liabilities, equity, income and expenses.

Expert Solution

Step 1

Introduction:

Balance sheet:

Assets and liabilities are shown in Balance sheet.

It tells the net financial position of the company.

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