Discuss the following issues with reference to a company's latest annual report in print or from its website or illustrations and exercises on company financial statements given in the preceding chapter:

What are the elements of financial position? Interrelate them and discuss their features.

What are the elements of performance? Interrelate them and discuss their features.

Illustrate the principle of ‘substance over form' with reference to an expense that can be treated as an asset.

It is a common practice to distinguish between those items of income and expenses that arise in the course of the ordinary activities of the enterprise, depending on the nature of its operations, and those that do a at„. Why this practice? Elaborate.