5.What is meant by the term "accounting standards"? What organizations are involved in setting such standards? 6.The conceptual framework was developed by the Financial Accounting Standards...

5.What is meant by the term "accounting standards"? What organizations are involved in setting such standards?

6.The conceptual framework was developed by the Financial Accounting Standards Board (FASB). For what reason was it developed? Identify its major components and briefly describe each.