please answer these 4 questions in excel , as soon as possible , i only have 3 hours

please answer these 4 questions in excel , as soon as possible , i only have 3 hours

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Homework
Chapter 1: CA1-3
Chapter 2: E2-5
Chapter 3: E3-1 and E3-5
CA1-3 (Financial Reporting and Accounting Standards)
Answer the following
multiple-choice questions.
1.
GAAP stands for:
(a)
governmental auditing and accounting practices.
(b)
generally accepted attest principles.
(c)
government audit and attest policies.
(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 predecessor 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.

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(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 financial 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.

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