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B. Balance sheet. A. Assets. Which of the following is not a basic element of financial statements?
B. Balance sheet. A. Assets. Which of the following is not a basic element of financial statements? A. Assets. B. Balance sheet. C. Losses. D. Revenue. Which of the following basic elements of financial statements is more associated with the balance sheet than the income statement? A. Equity. B. Revenue. C. Gains. D. Expenses. Test Bank for Intermediate Accounting, Thirteenth Edition Issuance of common stock for cash affects which basic element of financial statements? A. Revenues. B. Losses. C. Liabilities. D. Equity. Which basic element of financial statements arises from peripheral or incidental transactions? A. Assets. B. Liabilities. C. Gains. D. Expenses. Which of the following is not a basic assumption underlying the financial accounting structure? A. Economic entity assumption. B. Going concern assumption. C. Periodicity assumption. D. Historical cost assumption. Which basic assumption is illustrated when a firm reports financial results on an annual
