What are the strengths and weaknesses of (1) No allocation, (2) Comprehensive allocation with an income statement

Question:

What are the strengths and weaknesses of
(1) No allocation,
(2) Comprehensive allocation with an income statement orientation,
(3) Comprehensive allocation with a orientation, and
(4) Partial allocation. Which would you choose?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...