Question: Using FASB Concepts Statement No. 5 (CON 5), answer the following: a. What is recognition? b. What is the purpose of the statements of

Using FASB Concepts Statement No. 5 (CON 5), answer the following: a. What is recognition? b. What is the purpose of the statements of earnings and comprehensive income? Provide the excerpted guidance that responds to this question, then also summarize the guidance using your own words c. Summarize the four fundamental recognition criteria identified in CON 5. Cite the paragraph source for this information. Following these four recognition criteria are several paragraphs that elaborate upon the criteria. What are the paragraph numbers that elaborate upon these four criteria?

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