Exercise 1-15 (Static) Multiple choice; concept statements, basic assumptions, principles [LO1-6, 1-7, 1-8, 1-9] Determine the response that best completes the following statements or questions. 1. The primary objective of financial reporting is to provide information. About a firm's management team. Useful to capital providers. About a firm's financing and investing activities. Concerning the changes in financial position resulting from the income-producing efforts of the entity. 2. Statements of Financial Accounting Concepts issued by the FASB O Represent GAAP. O Have been superseded by SFASS. Are subject to approval of the SEC. O Identify the conceptual framework within which accounting standards are developed. 3. In general, revenue is recognized when Movi