BUS 104 Intro to Business Final Which of the following is not a correct statement about accounting? Generally accepted accounting principles (GAAP) is a set of accounting standards used in the preparation of financial statements. Financial Accounting Standards Board (FASB) is a private organization delegated by the Federal Reserve with the responsibility to establish the G Management accountants work with a business or nonprofit organizations, preparing reports and analyzing financial info. Public accountants provide a variety of accounting services for clients on a fee basis. Government accountants work for a wide variety of government agencies at th a. b. AAP c. d. e. local, state, and federal levels a. Financial accounting is the branch of accounting that prepares tin b. Managerial accounting is a branch of accoun . Which of the following is a not correct statement about accounting? ancial for use by owners, creditors, suppliers, and other external stakeholders. ting that provides reports and analysis to managers to help them make informed decisions. c.) Balance sheet reports the financial nocit ian o fo Gsm hy the firm's canital