For each item listed$$ below, identify whether it is an advantage or disadvantage of the income statement.

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Part $1$

Item

Advantage$/$Disadvantage

$1.$

Can be manipulated and managed.

$2.$

Assesses risks or uncertainties of achieving future cash flows.

$3.$

Depends on accounting methods selected.

$4.$

Requires extensive judgment.

$5.$

Predicts future performance.

$6.$

Evaluates past performance.

$7.$

Excludes certain items.