Question

Complete the following as per the FASB’s Conceptual Frameworkfor Financial Reporting.

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

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

c) List the enhancing qualities.

d) List the elements of the financial statements.

e) List the recognition, measurement, and disclosureconcepts.

II. Write out the description of each of the fundamentalqualities. (1 – 3 sentences for each)

III. Write out the description of each of the enhancingqualities. (1 – 3 sentences for each)

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

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