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.”
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.