quot; * CA15-3 (Conceptual IssuesEquity) Statements of Financial Accounting Concepts set forth financial accounting and reporting objectives and

" * CA15-3 (Conceptual Issues—Equity) Statements of Financial Accounting Concepts set forth financial accounting and reporting objectives and fundamentals that will be used by the Financial Accounting Standards Board in developing standards. Concepts Statement No. 6 defines various elements of financial statements.InstructionsAnswer the following questions based on SFAC No. 6.* (a) Define and discuss the term “equity.”