Complete the following as per the FASBs Conceptual Framework for Financial Reporting.

I. a) Write out the objective of financial reporting.

b) List the fundamental qualities. (Note: 2 with 3 within each of those 2)

c) List the enhancing qualities.

d) List the elements of the financial statements.

e) List the recognition, measurement, and disclosure concepts.

II. Write out the description of each of the fundamental qualities. (1 3 sentences for each)

III. Write out the description of each of the enhancing qualities. (1 3 sentences for each)

IV. Write out the definition of each of the elements of the financial statements.

V. Write out the description of each of the recognition, measurement, and disclosure concepts. (1 3 sentences for each)