Recognition.

All business assets, revenues, liabilities, and expenses should be recognized in financial
reporting, as well. Measurement. According to GAAP standards, financial statements should disclose
financial performance. Presentation. Four main components of financial statements should be present:
an income statement, a balance sheet, a cash flow statement, and a summary of shareholder equity or
ownership. Disclosure. In order to fully explain the financial facts in reports, financial reporting should
include all necessary comments and descriptions.

Recognition. All business assets, revenues, liabilities, and expenses should be recognized in financial
reporting, as well. Measurement. According to GAAP standards, financial statements should disclose
financial performance. Presentation. Four main components of financial statements should be present:
an income statement, a balance sheet, a cash flow statement, and a summary of shareholder equity or
ownership. Disclosure. In order to fully explain the financial facts in reports, financial reporting should
include all necessary comments and descriptions.

Recognition. All business assets, revenues, liabilities, and expenses should be recognized in financial
reporting, as well. Measurement. According to GAAP standards, financial statements should disclose
financial performance. Presentation. Four main components of financial statements should be present:
an income statement, a balance sheet, a cash flow statement, and a summary of shareholder equity or
ownership. Disclosure. In order to fully explain the financial facts in reports, financial reporting should
include all necessary comments and descriptions.

Recognition. All business assets, revenues, liabilities, and expenses should be recognized in financial
reporting, as well. Measurement. According to GAAP standards, financial statements should disclose
financial performance. Presentation. Four main components of financial statements should be present:
an income statement, a balance sheet, a cash flow statement, and a summary of shareholder equity or
ownership. Disclosure. In order to fully explain the financial facts in reports, financial reporting should
include all necessary comments and descriptions.

Recognition. All business assets, revenues, liabilities, and expenses should be recognized in financial
reporting, as well. Measurement. According to GAAP standards, financial statements should disclose
financial performance. Presentation. Four main components of financial statements should be present:
an income statement, a balance sheet, a cash flow statement, and a summary of shareholder equity or
ownership. Disclosure. In order to fully explain the financial facts in reports, financial reporting should
include all necessary comments and descriptions.