Which of the Following Elements in the Financial Statement Is

question 7

Multiple Choice

Which of the following elements in the financial statement is NOT defined by reference to other elements?

• A) Equity
• B) Expenses
• C) Liabilities
• D) Income

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Definitions:

Doctrine Of Respondeat Superior

This legal principle holds an employer or principal legally responsible for the wrongful acts of an employee or agent, performed within the scope of employment or agency.

Tortious Behavior

Actions that cause harm or loss to another person, leading to civil legal liability.

Landlord

An owner of property who rents it out to another party, known as a tenant, under an agreement.

Nonemployee Agent

An individual or entity that acts on behalf of another party in a business transaction but is not considered an employee.