1. Investors are interested in financial reporting because it provides information that is useful for making decisions True False
2. The conceptual framework for accounting has been discovered through empirical research. True False
3. GAAP is a product of careful logic or empirical findings and is not influenced by political action.. True False
4. Relevance and reliability are the two primary qualities that make accounting information useful for decision making. True False
5. Verifiability and predictive value are two ingredients of reliability. True False