True or False

1. publicly traded U.S. companies are able to supplement GAAP figures with additional non-GAAP figures they deem necessary.

2. An accrual always occurs when revenue and expenses are recognized and cash is received.

3. Generally accepted accounting principles (GAAP) require related revenues and expenses to be recognized when cash is exchanged.

4. The Financial Accounting Standard Board (FASB) establishes the rules for General Accepted Account Principles (GAAP).

5. Generally Accepted Accounting Principles (GAAP) are a set of accounting rules, standards and financial reporting practices utilized in the U.S.

6. The Realization or Recognition principle dictates that Revenues are recognized upon the delivery of products or services, regardless of when cash is exchanged.

7. The cost principles require that financial statements be based on todays replacement cost.