According to the FASB Conceptual Framework, Which of the Following

question 72

Multiple Choice

According to the FASB conceptual framework, which of the following elements describes transactions or events that affect a company during a period of time?

• A) Assets.
• B) Expenses.
• C) Equity.
• D) Liabilities.

---

Definitions:

Monopolistically Competitive

A market structure characterized by many firms selling products that are similar but not identical, leading to competition based on factors other than price.

Revenue

The total amount of money received by a company or organization from its business activities, such as sales of goods or services, before any expenses are subtracted.

Double Scoop

Typically refers to two servings of ice cream, often served in a cone or cup.

Profit

The financial benefit realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.