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QUESTIONS 1. What is a conceptual framework? Why is a conceptual framework necessary in financial accounting? 2. What is the primary objective of financial reporting?

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QUESTIONS 1. What is a conceptual framework? Why is a conceptual framework necessary in financial accounting? 2. What is the primary objective of financial reporting? 3. What is meant by the term "qualitative characteristics of accounting information"? 4. Briefly describe the two fundamental qualities of useful accounting information

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