In general, financial accounting statements are prepared in accordance with generally accepted accounting principles (GAAP). Which of the following statements about GAAP is false?

a. The Securities & Exchange Commission has the responsibility for the format and contents of financial statements.

b. The Financial Accounting Standards Board (FASB) is the primary source of GAAP for private entities.

c. GAAP is based on a set of ten assumptions, principles, and constraints.

d. Most private not-for-profit organizations are required to follow GAAP.

e. GAAP requires all organizations to use cash accounting.