A friend of yours has recently completed a course in bookkeeping at his high school. He has been browsing through this chapter of your book and noticed the term “conceptual framework.” He says:“We never had a conceptual framework in our bookkeeping class.

What is this framework anyhow? Please tell me about the qualities of useful accounting information, and define each one.”

Required: Prepare a written response to your friend’s question.  TK-1