BE$1\mathrm{.}1($LO $1)$ Presented below are four statements, which you are to identify as true or false. If false, explain why the statement is false.$$

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GAAP is the term used to indicate the whole body of FASB authoritative literature.$$

Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements.$$

The primary governmental body that has influence over the FASB is the SEC.$$

The FASB has a government mandate and therefore does not have to follow due process in issuing a standard.$$