Please help me in this questions Homework Chapter 1- Intermediate AccountingNameTRUE/FALSE. Write "T' if the statement is true and 'F' if the statement is false.1) The financial reporting process generates three basic financial statements.1)2) Managers of economic entities are best considered to be preparers of financial information.2)3) Financial accounting standards influence the behavior of managers and other internal users.3)4) The SEC permits the use of IFRS-based financial statements by international companies with shares trading on U.S.stock exchanges.4).5) The FASB Accounting Standards Codification is the one and only single source of GAAP in the United States. 5)MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.6) What is the term that describes the process of identifying, measuring, and communicating financial information aboutan economic entity to various user groups?6)A) financial accounting B) financial reportingC) financial statement D) accounting standard setting7) Which need is the primary influence on the demand for financial information? 7)A) the need for society to maintain an equilibrium of good and servicesB) the need for managers to make decisions that improve organizational effectiveness and efficiencyC) the need for user groups to make decisions regarding resource allocationD) the need for regulators to control improper business behavior8) Which of the following statements correctly identifies accounting standard setters?A) The AICPA promulgates accounting standards in the U.S. and the IFRS issues international accounting standards.B) The FASB promulgates accounting standards in the U.S. and the IFRS issues international accounting standards.C) The AICPA promulgates accounting standards in the U.S. and the IASB issues international accounting standards.D) The FASB promulgates accounting standards in the U.S. and the IASB issues international accounting standards.8)9) Which organization is responsible for promulgating U.S. GAAP?A) Securities Exchange CommissionB) International Accounting Standards BoardC) Financial Accounting Standards BoardD) Public Company Accounting Oversight Board9)10) Which of the following user groups consists of individuals that provide guidance to others in making investment andcredit decisions?10)A) equity investorsB) financial analystsC) suppliersD) creditors

Honor Code: Since you have asked multiple questions, we will solve the first question for you. If…

TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) The financial reporting process generates three basic financial statements. 1)_ 2) Managers of economic entities are best considered to be preparers of financial information. 2) 3) Financial accounting standards influence the behavior of managers and other internal users. 3)_ 4) The SEC permits the use of IFRS-based financial statements by international companies with shares trading on U.S. stock exchanges. 4). 5) The FASB Accounting Standards Codification is the one and only single source of GAAP in the United States. 5)