QUESTION THREE

a$)$ Explain what you understand by the term conceptual framework for Financial reporting briefly explaining its purpose in regulating the reporting of financial$/$accounting information $(10$ Marks$)$

b$)$ Using suitable examples explain the concept of capital as per the conceptual framework for financial reporting $(6$ marks$)-$ finanoial roncept.

physical concept.

c$)$ Explain the two fundamental characteristics that good financial information should contain to make it useful $(4$ Marks$)$