For financial statements, amounts recorded in every individual account are summarized and grouped appropriately within a financial statement element
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3.1. Financial Statement Elements and Accounts pan>
Within the financial statement elements, accounts are subclassifications. Accounts are individual records of increases and decreases in a specific asset, liability, component of owners’ equity, revenue, or expense. <span>For financial statements, amounts recorded in every individual account are summarized and grouped appropriately within a financial statement element. Exhibit 2 provides a listing of common accounts. These accounts will be described throughout this reading or in following readings. Unlike the financial statement elements, there is no
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