Please answer the following questions based on your readings, lecture materials, and research of the FASB Accounting Standards Codification. Responses should be in your own words. You are allowed to quote language from other sources, but please do not plagiarize. Any information used from other sources must be cited. There is no requirement to utilize any specific citation format, so long as the author is given credit.

1) In your own words, describe the FASBs Conceptual Framework. (No need to discuss each item, just describe generally what the Conceptual Framework is for and why it is needed.) 10 pts