4. In the United States, what are the principles, concepts, rules, guidelines, methods, and procedures that govern financial reporting collectively referred to as?

5. Do all US companies have to use the rules referred to in Question #4 above? when preparing their financial statements? Why or why not?

6. Who has the legal authority to establish the rules referred to in Question #4 above? Has this organization made any of these rules? Why or why not?

7. Briefly describe the three primary US groups from the private sector that have been responsible for determining the rules referred to in question #4 above (include the years of operations for each group)