$1.$ How does accounting help the capital allocation process? $2.$ What is the objective of financial reporting?

$3.$ Briefly explain the meaning of decision$-$usefulness in the context of financial reporting.

$4.$ Of what value is a common set of standards in financial account$-$ ing and reporting?

$5.$ In what way is the Securities and Exchange Commission con$-$ cerned about and supportive of accounting principles and standards?

$6.$ If you had to explain or define $$generally accepted accounting principles or standards,$$ what essential characteristics would you include in your explanation?

$7.$ What is the difference between the Codification and the Codifica$-$ tion Research System?

$8.$ What are the primary advantages of having a Codification of gen$-$ erally accepted accounting principles?