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3.Which of the following is nottrue regarding the revenue-expense approach to defining accounting elements?a.The revenue4.-expense approach defines assets and liabilities as a by-product of revenues and expenses.b.Under the revenue-expense approach, the balance sheet is burdened with by-products of income measurement rules.c.Deferred charges and deferred credits are ambiguous debits and credits that appear on the balance sheet under the revenue-expense approach.d.There are very few examples of the use of the revenue-expense approach in recent accounting standards. XXXXX5.Which of the following is nottrue regarding the asset-liability approach to defining accounting elements?
6.Which of the following is a true statement?7.Which of the following is nota formal definition of assets that has been used by the accounting profession in the United States?XXXXX