Question 5 of 17 -71 E View Policies Current Attempt in Progress Indicate whether each statement is true or false. (a) GAAP is a set of rules and practices established by accounting standard-setting bodies to serve as a general guide for financial reporting purposes. True (b) The primary standard-setting body in the United States is the IRS. False e Textbook and Media Save for Later Attempts: 0 of 10 used Submit