Question 1. Identify and discuss the benefits that can be expected to be derived from the FASB's conceptual framework study.
Question 2. What is the most important quality for accounting information as identified in Statement of Financial Accounting Concepts No. 2? Explain why it is the most important.
Question 3. Statement of Financial Accounting Concepts No. 2 describes a number of key characteristics or qualities for accounting information. Briefly discuss the importance of any three of these qualities for financial reporting purposes.