There are 10 basic elements. They are 1) Assets 2) Liabilites 3) Owner's or Stockholder's Equity 4) Investments by Owner 5) Distributions to Owner 6) Comprehensive Income 7) Revenue 8) Expenses 9)...
The three basic elements of a financial accounting system include:1. Rules for determining what, when, and the amount that should be recorded2. A framework for preparing financial statements3....