b. In general, financial accounting statements are prepared in accordance with generally accepted accounting principles (GAAP). Which of the following statements about GAAP is false? The Securities & Exchange Commission has the responsibility for the format and contents of financial statements. The Financial Accounting Standards Board (FASB) is the primary source of GAAP for private entities. GAAP is based on a set of ten assumptions, principles, and constraints. Most private not-for-profit organizations are required to follow GAAP. GAAP requires all organizations to use cash accounting. a. C. d. b. C, d. c. Which of the following statements about cash accounting is most correct? a. b. Cash accounting recognizes an event when the cash transaction takes place. Cash accounting is less complex than accrual accounting. Cash accounting statements are relatively easy to convert to tax filing documents. Only small, typically unaudited, businesses use cash accounting. All of the above answers are correct. The notes to the financial statements typically are longer than the financial statements themselves and contain important information that amplifies the information on the statements themselves. a. True False