Please, respond to the two cases in the document attached and include at least 2 references (citation). This assignment should be about 2 pages total (around 500 words including only the answers.)

Case 2-1
a) This study focuses on the developing direction that should be followed by accounting professional. The main objective of the framework is establishing the goals and purpose of financial reporting. It is based on the fundamentals of financial reporting. The conceptual framework provides guidance regarding the selection of transaction, way of accounting for such transaction, recording and measuring such transaction and the reporting of the same. The FASB is in fact the directly benefitted from the conceptual framework. It provides various benefits to the accounting community by providing guidance regarding setting the accounting standard on consistent basis and provides ground for judgment which will be used in the preparation of financial statement by describing the nature, function and limitation of financial accounting and reporting. It will ensure that the understanding and confidence of users has increased in the financial reporting by making it reliable.
b) The most important quality for accounting information which is identified by the conceptual...