INSTRUCTIONSAnswer the following questions.1. Define elements of financial statements.2. Explain why there are no elements unique to thestatement of changes in equity?3. What is the meaning of "recognition" of theelements of financial statements?4. Explain future economic benefit.5. Distinguish income, revenue and gain.

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1. Define elements of financial statements.

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter9: Operating Activities

Section: Chapter Questions

Problem 6QE

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