Question: 1. [Baste accounting concepts] Contrast the role of contra ac-counts and adjunct accounts in financial statements.
2. [Basic accounting concepts] Contrast gains and losses with revenues and expenses. Explain why the distinction is important for financial analysis.
3. [Basic accounting concepts] Define comprehensive income and explain how that concept makes financial statements more useful for financial analysis.
4. [Basic concepts] Explain why the distinction between recurring and nonrecurring income is important for financial analysis.