#1 The accounting environment is comprised of elements that are unique to the accounting discipline. While every company is made up of a multitude of differences, the accounting component is the same across businesses. This concept gives a uniformity to a vast array of information and is, in essence, what accounting is and does.
What are the elements of the accounting environment? How do these elements affect financial statements? Why are these important? How do these elements affect comparability between companies? Provide examples, please. 150-200 words