Which of the Following Are the Three Basic Elements of the Balance

question 8

Multiple Choice

Which of the following are the three basic elements of the balance sheet?

• A)Assets,liabilities,and retained earnings.
• B)Assets,liabilities,and contributed capital.
• C)Assets,liabilities,and revenues.
• D)Assets,liabilities,and shareholders' equity.

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Definitions:

Direct Materials

Raw materials that can be directly attributed to the production of a product.

Cotton

A natural fiber and a key agricultural commodity used primarily in the textile industry for making fabrics.

Internal Auditing

The independent, objective assurance and consulting activity designed to add value and improve an organization's operations, focusing on internal controls and business processes.

Administrative Expense

Costs related to the general management and administration of an organization, such as salaries of executives and office supplies.