Define each of the five elements of financial statements and state the circumstances in which an element
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Define each of the five elements of financial statements and state the circumstances in which an element should be recognised in the financial statements. Also explain why each of the following items meets the definition of an asset or a liability:
(a) A trade receivable
(b) A trade payable
(c) Inventory
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The five elements of financial statements are assets liabilities equity income and expenses Assets s...View the full answer
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