Multiple approaches have been advocated concerning the definition of accounting elements and the relationship between the balance

Question:

Multiple approaches have been advocated concerning the definition of accounting elements and the relationship between the and income statement. What are these approaches and how do they differ?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...