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Question 2: The conceptual framework for financial reporting identifies and defines the main elements of financial statement. An element can be recognized in the financial statements as asset, liabilities, equity, income or expense. Required: a) Explain the circumstances in which an element should be recognized as an asset in the financial statements with the help of five examples. (5 Marks, Word Limit 150- 300) b) Explain the circumstances in which an element should be recognized as a liability in the financial statements with the help of five examples. (5 Marks, Word Limit 150- 300)