Codification Research CaseRecording transactions in the accounting system requires knowledge of the important characteristics of the elements of financial statements, such as assets and habilities. In addition, accountants must understand the inherent uncertainty in accounting measures and distinctions benween related accounting concepts that are important in evaluating the effects of transactions on the francial statements.InstructionsAocess the Conceptual Framework at the FASB website and provide explanations for the following items.$($Provide paragraph citations.$)$ When you have acoessed the documents, you can use the search tool in your Internet browser.a$.$ The three essential characteristics of assets.b$.$ The three essential characteristics of liabilities.c$.$ Uncertainty and its effect on financial statements.d$.$ The difference between realization and recognition.