Which of these is NOT one of the seven elements of financial statements under ASPE?

Answer

Dividends

Options - A. Dividends - B. Gains - C. Losses - D. Equity Why - A. Correct — a dividend is a distribution out of equity, not an element; the seven are assets, liabilities, equity, revenues, expenses, gains and losses. - B. Gains are an element — ASPE keeps them separate from revenues. - C. Losses are an element — kept separate from expenses. - D. Equity, the residual, is an element.

Hermanson Vol 1 ch 5; Lyryx Intermediate FA Vol 1 §2.4.3, §2.7, §10.4 (gain ≠ revenue); Dauderis & Annand §1.3 for the principle names (concept map A9, A10)