Which of the Following Is Not an Element of Financial

question 5

Multiple Choice

Which of the following is not an element of financial statements contained in the IASB's Framework for the Preparation of Financial Statements?

• A)Gain
• B)Income
• C)Expense
• D)Asset

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Definitions:

Malicious Prosecution

An intentional tort designed to protect against the wrongful initiation of criminal proceedings.

Civil Suit

A legal action taken by one individual against another in a court of law, typically over disputes or claims that do not involve criminal charges.

Remedy

Legal means or methods available to a party to enforce a right or compensate for the violation of a right under the law.

Battery

A criminal offense involving the unlawful physical acting upon a threat, distinct from assault which is the act of creating apprehension of such contact.