Which of the Following Basic Elements of Financial Statements Is

question 18

Multiple Choice

Which of the following basic elements of financial statements is more associated with the statement of financial position than the income statement?

• A) Equity.
• B) Income.
• C) Gains.
• D) Expenses.

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Definitions:

Tax Reduction

The act of decreasing the rates or amounts of taxes imposed by a government, often with the aim of stimulating economic growth or providing relief to taxpayers.

Income of Consumers

The total earnings received by individuals and households from various sources including wages, salaries, benefits, and investment income.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the price where supply and demand are balanced.

Alfred Marshall

A British economist known for his work on microeconomics and for developing the concepts of supply and demand elasticity.