Answer the following multiple$-$choice questions. $1.$ GAAP stands for: a$.$ governmental auditing and accounting practices. b$.$ generally accepted attest principle

d$.$ generally accepted accounting principles.

$2.$ Accounting standard$-$setters use the following process in establishing accounting standards: a$.$ Research, exposure draft, discussion paper, standard. b$.$ Discussion paper, research, exposure draft, standard. c$.$ Research, preliminary views, discussion paper, standard. d$.$ Research, discussion paper, exposure draft, standard.

$3.$ GAAP is comprised of: a$.$ FASB standards, interpretations, and concepts statements. b$.$ FASB financial standards. c$.$ FASB standards, interpretations, EITF consensuses, and accounting rules issued by FASB prede$-$cessor organizations.

d$.$ any accounting guidance included in the FASB Codification.

$4.$ The authoritative status of the conceptual framework is as follows. a$.$ It is used when there is no standard or interpretation related to the reporting issues under consideration.

b$.$ It is not as authoritative as a standard but takes precedence over any interpretation related to the reporting issue.

c$.$ It takes precedence over all other authoritative literature. d$.$ It has no authoritative status.

$5.$ The objective of financial reporting places most emphasis on: a$.$ reporting to capital providers. b$.$ reporting on stewardship. c$.$ providing specific guidance related to specific needs. d$.$ providing information to individuals who are experts in the field.

$6.$ General$-$purpose financial statements are prepared primarily for: a$.$ internal users. b$.$ external users. c$.$ auditors. d$.$ government regulators.

$7.$ Economic consequences of accounting standard$-$setting means: a$.$ standard$-$setters must give first priority to ensuring that companies do not suffer any adverse effect as a result of a new standard.

b$.$ standard$-$setters must ensure that no new costs are incurred when a new standard is issued. c$.$ the objective of financial reporting should be politically motivated to ensure acceptance by the general public.

d$.$ accounting standards can have detrimental impacts on the wealth levels of the providers of finan$-$cial information.

$8.$ The expectations gap is: a$.$ what financial information management provides and what users want. b$.$ what the public thinks accountants should do and what accountants think they can do$.$ c$.$ what the governmental agencies want from standard$-$setting and what the standard$-$setters provide. d$.$ what the users of financial statements want from the government and what is provided.