CA 1.3 1. GAAP stands for d. generally accepted accounting principles. 2. Accounting standard-setters use the following process in establishing accounting standards: d. Research, discussion paper, exposure draft, standard. 3. GAAP is comprised of: 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. 5. The objective of financial reporting places most emphasis on: a. reporting to capital providers. 6. General-purpose financial statements are prepared primarily for: