Which of the Following Is Not an Income Statement Element

question 30

Multiple Choice

Which of the following is not an income statement element?

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

Grasp the significance of research studies in illustrating concepts related to attribution theories.

Differentiate between internal and external attributions and how they are applied in various contexts.

Recognize the role of cultural factors in influencing attribution processes.

Understand the psychological basis and consequences of attribution in social perception.

---

Definitions:

Functional Currency

The main form of money used in the leading economic setting where a business functions.

Current Liabilities

Financial obligations or debts of a business that are due to be settled within one year from the balance sheet date.

Net Monetary Assets

The difference between monetary assets and monetary liabilities, used to assess liquidity position.

Exchange Gain

The profit realized from the sale of securities or foreign exchange transactions when the exchange rate moves in a favorable direction.