CIMA BA3 · Chapter 1 · Question 6 of 10
Which of the following is NOT one of the elements of financial statements identified in the IASB Conceptual Framework?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: D) Profit
Explanation
The elements are assets, liabilities, equity, income and expenses. Profit is not a separate element; it is the result of deducting expenses from income.
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