Which of the Following Is Not a Basic Element of Financial

question 124

Multiple Choice

Which of the following is not a basic element of financial statements?

• A) Assets.
• B) Balance sheet.
• C) Losses.
• D) Revenue.

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Definitions:

Inventory

Inventory refers to the total amount of goods and materials held in stock by a business, warehouse, or storage facility.

Goods And Services

Goods and services are the products and activities that satisfy human wants; goods are physical items, while services are non-tangible activities or benefits.

Push Model

A business model in which the production process begins with a forecast, which predicts the products that customers will want as well as the quantity of each product. The company then produces the amount of products in the forecast, typically by using mass production, and sells, or “pushes,” those products to consumers.

Make-to-stock

A production strategy where items are manufactured for stock based on demand forecasts, rather than made to order.