Which of the Following Statements About Generally Accepted Accounting Principles

Multiple Choice

Which of the following statements about Generally Accepted Accounting Principles (GAAP) is NOT true?

A) GAAP is a set of rule-based accounting standards established by the Financial Accounting Standards Board (FASB) .
B) GAAP sets out the standards, conventions, and rules that accountants must follow when preparing audited financial statements.
C) GAAP is complex, providing more than 150 "pronouncements" as to how to account for different types of transactions.
D) All of the statements above are true.