There has been a long debate between accountants and economists over the concepts of wealth and income in terms of nature and measurement, which severely influenced the development of financial accounting. Based on your understanding of this topic of interest from studying chapter 5 and chapter 6, using your own words, discuss this debate and its impact on the development of financial accounting theory, income determination and presentation, revenue standards development. Note: 1. write your answer using an academic style of writing, 2. You should submit your answer using a Microsoft word file to the designated Turnitin portal. 3. You have 40 minutes to answer the question and another 15 minutes to submit the answer. Late submissions for any reason will not be accepted and the student can apply for the incomplete session if he/she eligible to do so under the university's regulations. 4- Word limit: upper word limit is 700 word and no lower limit