1) What attributes should financial statements have? 2

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1) What attributes should financial statements have?

2. What are the three elements of the statement of financial position and how are they
listed on the statement of financial position?

3. What is the guideline to determine whether a statement of financial position item is
current or noncurrent?

4. Differentiate total comprehensive income from net income.

5. How important are the statement of cash flows and notes to financial statements to
users?