What are 5 elements of financial statements?

In financial accounting, the five elements of financial statements are the building blocks used to construct reports like the Balance Sheet and Income Statement. They provide a standardized way to measure a company's performance and financial position.The major elements of the financial statements (i.e.,assets, liabilities, fund balance/net assets, revenues, expenditures, and expenses) are discussed below, including the properAccounting Services in Jersey Citytreatments and disclosure requirements.