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QUESTION THREE a) Explain what you understand by the term conceptual framework for Financial...

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Accounting

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)
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