Define and discuss the term equity

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Question - Statement of Financial Accounting Concepts set forth financial accounting and reporting objectives and fundamentals that will be used by the financial accounting standards board in developing standards. Concepts Statement 6 defines various elements of financial statements.

Answer the following questions:

1. Define and discuss the term "equity"

2. What financial statement element other than equity is typically affected by owner investments and distributions?

Reference no: EM132042926

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