Answer the following questions/statements.

a) Briefly describe the three levels of the conceptual framework of financial accounting. Indicate all elements in each level.

b). What is the objective of financial reporting? How do general-purpose financial statements help meet this objective.

c) Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting Concepts.

d) Give a brief description of the 3 major organizations/agencies involved in the creation and enforcement of generally accepted accounting principles in the United States. Define each of their roles.

e) Describe the process for the creation of new accounting standards by the Financial Accounting Standards Board.