Last week, you examined the Target Corporation financial statements. According to FASB standards, financial statements are made up of ten elements. Review LO2-7 Describe the four basic financial statements. On the FASB website, locate the list of 10 financial statement elements by clicking the “Concept Statement” tab, and then “Concepts Statement No. 6.”
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Analyze the relationships between these elements, and compare your analyses with your colleagues.
Post at least 200 words answering the following questions:
- How are the 10 financial statement elements related to one another? How do they differ?
- Identify where each of these elements are reported in the financial statements.
Read a selection of your colleagues’ postings.