Sprouse and Moonitz proposed that quantification is an element of the economic environment that is relevant for accounting.

Required:
a. Explain why Sprouse and Moonitz say that quantification is relevant.
b. Discuss how the Sprouse and Moonitz discussion of quantification is similar to
i. The definition of accounting found in ASOBAT
ii. The decision- usefulness approach used by the FASB in SFAC No. 8