Question: 1.What are the four basic assumptions underlying GAAP? 2.Briefly define the financial accounting elements: (1) assets, (2) liabilities, (3) equity, (4) investments by owners, (5)

1.What are the four basic assumptions underlying GAAP?

2.Briefly define the financial accounting elements: (1) assets, (2) liabilities, (3) equity, (4) investments by owners, (5) distributions to owners, (6) revenues, (7) expenses, (8) gains, (9) losses, (10) comprehensive income.

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