Question: 1. What is a conceptual framework? Why is a conceptual framework necessary in financial accounting? 2. Statement of Financial Accounting Concepts No.5 identifies four characteristics

1. What is a conceptual framework? Why is a conceptual framework necessary in financial accounting? 2. Statement of Financial Accounting Concepts No.5 identifies four characteristics that an item must have before it is recognized in the financial statements. What are these four characteristics

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