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What is a conceptual framework? Why is a conceptual framework necessary in financial accounting?

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Accounting

What is a conceptual framework? Why is a conceptual frameworknecessary in financial accounting?

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Before getting into what is conceptual framework letss first come to know about what basically conceptual or framework means in themselves Conceptual meaning something which is based on mental concepts while framework means a basic structure which underly a systemconcept or text combining both of these it shows that when mental concepts were put in structured form leads to conceptual framework Now the    See Answer
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