Provide a two$-$ or three$-$sentence response that argues for or against $($indicate which$)$ each of these statements:

$1.$ Accounting is an exact science.

$2.$ Managers choose accounting procedures that produce the most accurate picture of the company's operating performance and financial condition.

$3.$ U$.$S$.$ accounting standards are influenced more by politics than by science or economics.

$4.$ If the FASB and SEC were not around to require and enforce minimum levels of financial disclosure, most companies would provide little $($if any$)$ information to outsiders

$5.$ When managers possess good news about the company $($that is$,$ information that will increase the stock price$),$ they have an incentive to disclose the information as soon as possible$\mathrm{.}6.$ When managers possess bad news about the company $($that is$,$ information that will decrease the stock price$),$ they have an incentive to delay disclosure as long as possible$\mathrm{.}7.$ Managers who disclose only the minimum information required to meet FASB and SEC requirements may be doing a disservice to shareholders.