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 stands. Concepts Statement No. 6 defines various elements of financial statements.   Instructions: Answer the following questions based on SFAC No. 6: a. Define and discuss the term "equity." b. What transactions or events change owner's equity? c. Define "investments by owners" and provide examples of this type of transaction. What financial statement element other than equity is typically affected by owner investments?

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