Which of the Following Is Not an Element of the Financial

question 56

Multiple Choice

Which of the following is not an element of the financial statements?

• A)Net income
• B)Revenue
• C)Assets
• D)Cash

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Definitions:

Marginal Product

The additional output gained by employing one more unit of a particular input, keeping other inputs constant.

Bushels

A unit of volume that is used primarily in the United States for measuring agricultural commodities such as grains.

Long Run

An economic phase where all production elements and expenses can adjust completely, adapting to changes due to their variable nature.

Variable Inputs

Production factors that can be adjusted in the short term to change the level of output, such as labor and raw materials.