Which of the following statements regarding the asset$/$liability approach are true?

Multiple Choice

$$ The asset$/$liability approach emphasizes the important distinction between total assets and net assets.

$$ The asset$/$liability approach recognize assets and liabilities as necessary to make balance sheet reconcile with income statement.

$$ Under the asset$/$liability approach, we first recognize and measure the assets and liabilities that exist at a balance sheet date.

$$ Under the asset$/$liability approach, we recognize some assets and liabilities as necessary to make balance sheet reconcile with income statement.