Problem
1. Three approaches have been advocated concerning the definition of accounting elements and the relationship between the balance sheet and income statement, What are the three approaches and how do they diner?
2. What is the meaning of "owners equity" in the balance sheet? Why are certain unrealized gains or losses included in owners' equity?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.