Question: The conceptual framework (2018) defines FIVE elements of financial statements. What are these FIVE elements? A. assets, a liabilities, equity, income and expenses. B. Income

The conceptual framework (2018) defines FIVE elements of financial statements.

What are these FIVE elements?

A.

assets, a liabilities, equity, income and expenses.
B.

Income statement, Statement of Financial Position, Cash flow statement, Notes to the accounts, Audit Report
C.

Non-current asset, current asset, long term liability, current liability, equity.
D.

Gross profit, Operating profit, Retained profit, Net Assets and Equity

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Montys, a maker of handheld video games, recently analyzed its manufacturing process to identify value-added and non-value-added activities. Montys CFO estimates that the total non-value added...

Q:

The Lion Group carries on business as a distributor of building materials into the country. Lion was incorporated in 2011 to distribute building materials. It diversified its activities during 2013...

Q:

Prima Bhd is currently one of the worlds leading integrated producer of tin metal and tin-based products and a global leader in custom tin smelting. The existing custom smelting facility in...

Q:

On March 1, 2014, Hayley Scott and Sam Smith formed Creative Art, Inc., to sell art and hobby supplies. Creative Art owns no affiliated subsidiary companies. Pertinent information regarding Creative...

Q:

Paragraph Styles Spring, 2019 Due Date: Tuesday, February 19th, by 5:00 p.m. On March 1, 2014, Hayley Scott and Sam Smith formed Creative Art, Inc., to sell art and hobby supplies. Creative Art owns...

Q:

1. The Maker is (Seacrest Inc. or Delgado Enterprises) and the payee is (Seacrest Inc. or Delgado Enterprises). 2. A).December 31, 2015, B). March 1, 2018 C).March 31, 2018 D). April 1, 2018 E)....

Q:

Current Ratio = Current Assets / Current Liabilities Debt equity Ratio = Total debt / shareholders equity Net profit ratio = Net profit after tax / Net sales x 100 Return on equity = Net income /...

Q:

Introduction: (1 mark) Brief introduction about the selected company. RAYSUT CEMENT COMPANY SAOG AND ITS SUBSIDIARIES PARENT COMPANY AND CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR...

Q:

Jacobsen Corporation is negotiating a loan for expansion purposes. Jacobsen's books and records have never been audited and the bank has requested that an audit be performed and that IFRS be...

Q:

Case Information You are a senior auditor employed in a mid-tier accounting firm, working on the audit of Dream Rock Watches Ltd (DRW) for the year ended 30 June 2022. The audit partner has asked you...

Q:

PS Sale of Bonde tores como eres ne te transactions curing 2017 and 2018 Required 1. and train second to account for its investment the Southern Star bonde 2017. 1 hace 91.000 fee of Southern...

Q:

In general, what functions are served by disclosure notes?

Q:

Ski and Board are two identical firms of identical size operating in identical markets. Ski is unlevered with assets valued at $ 9000 and has 450 shares of stock outstanding. Board also has $ 9000 in...

Q:

Which of the following technologies can securely connect two remote networks to each other? Remote Desktop - My answer Site - to - site VPN VPN SSH

Q:

SIMAD UNIVERSITY Class: BACC25 Subject: Islamic Accounting Instructions: a) Follow The Instructions. Midterm Exam Instructor: All Ibrahim Date: 6-4-2022 b) You Have 1.5 Hrs. To Complete This Test. c)...

Q:

3. How does the concept of supply chain execution relate to this interactive session? DP (Dubai Ports) World has reason to be proud of its accomplishment of becoming one of the leading terminal...

Q:

2. Describe two improvements that resulted from implementing the Identec RFID-based solution. DP (Dubai Ports) World has reason to be proud of its accomplishment of becoming one of the leading...

Q:

2. What are the advantages and disadvantages of using cloud-based enterprise applications? Salesforce.com is the most successful enterprisescale software as a service (SaaS) and the undisputed global...