Accounting Multiple Choice Question – 25 January 2024

Which THREE of the following are elements of financial statements as identified by the IASB’s Conceptual Framework?

• A.Income
• B.Expenses
• C.Profits
• D.Losses
• E.Obligations
• F.Resources
• G.Equity

Select ONE answer:

1. A, B & C
2. E, F & G
3. A, B & G
4. D, E & F

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 3

1. Not correct
2. Not correct
3. Correct – According to the IASB’s Conceptual Framework, income, expenses and equity are elements of financial statements.
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.