Which of the Following Is Not a Financial Statement Element

question 12

Multiple Choice

Which of the following is not a financial statement element?

• A)Liabilities
• B)Equity
• C)Expenses
• D)Fair value

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Definitions:

Economic Rents

The excess payment made to a factor of production over and above what is needed to bring that factor into production, often seen as a measure of market inefficiency.

Aggregate

A total sum or amount made up of distinct components, often used in economics to refer to total output or income.

Equilibrium

An equilibrium where demand meets supply in the marketplace, stabilizing prices as a consequence.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various prices during a given period.