Describe the three basic elements of a financial accounting system. If all are present, does that mean the statements are free of errors?

A financial accounting system is designed to produce financial statements. The financial statements include the income statement, statement of stockholders' equity, balance sheet, and statement of cash flows. The basic elements of a financial accounting system include: - Rules for determining what, when, and the amount that should be recorded - A framework for preparing financial statements - Controls to determine whether errors may have arisen in the recording proce