Which of the following statements about accounting principles used in Enterprise Funds is false?

a. Management may choose whether or not to apply recent FASB standards if they do not conflict with GASB standards.

b. An Enterprise Fund’s statement of cash flows is prepared in the same format as a statement of cash flows for a private-sector entity.

c. Governmental entities may choose to prepare either a statement of net assets or a balance sheet for an Enterprise Fund.

d. Enterprise Funds may adopt budgets on a basis of accounting contrary to GAAP.

e. GAAP does not require Enterprise Funds to legally adopt budgets.