The asset/liability approach emphasizes: Multiple Choice Whether amounts on the balance sheet meet the definitions of assets and liabilities. A close relation between the balance sheet and the statement of cash flows. The distinction between net assets and gross assets. All of these answer choices are correct.

Whether amounts on the balance sheet meet the definitions of assets and liabilities

Explanation:

The asset/liability approach emphasizes whether amounts on the balance sheet meet the definitions of assets and liabilities. It is a process of managing the use of assets and cash flows to reduce the firm's risk of loss from not paying a liability on time. Well-managed assets and liabilities increase business profits. A contract generates assets and liabilities, and the goal is to depict them in the statement of financial position.

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