Which of the Following Is NOT a Main Element in the Balance

question 14

Multiple Choice

Which of the following is NOT a main element in the balance sheet?

• A) assets
• B) profit
• C) shareholders' equity
• D) liabilities.

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Definitions:

Exemption

A legal provision relieving a person or entity from a general requirement, duty, or penalty.

Seize

To take possession of something, often by legal authority, because of a rule or law.

Suretyship

A contractual obligation undertaken by a surety to be responsible for another's performance of an obligation or payment of debt, should that party fail to perform.

Guaranty

A legal commitment to be responsible for another's debt or contractual performance if that person fails to meet their obligations.