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Why historical cost and conservatism concept are important

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Question -

In your own words, explain why discontinued operations and extraordinary items are shown net of tax on the income statement.

Explain why the historical cost and conservatism concept are important to income statement users.

In your own words, explain what the three primary components of the Statement of Owners' Equity and what information is disclosed in each component?

Briefly explain how the Income Statement, Statement of Owners' Equity, and Balance Sheet are related.

Reference no: EM131840069

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