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ELEMENTS OF FINANCIAL STATEMENT:                                 In this article, we will discuss the some key basic elements of Financial Statement and its accounting treatment. Some of the key basic elements are                                                 i) Income / Revenue                                                 ii) Expenses                                                iii) Assets                                                iv) Liabilities                                                v) Equity / Capital INCOME:                            The context of income may differ on the basis of Economic, Financial, Taxation and Accounting. In the point of Accounting, Income means amount or cash received for the exchange of goods or service. Further it can be divided into direct income and Indirect Income.                Direct Income:                                  Direct income means all the income earned from the core business activity like sales income and service in