Which of the following is not a correct statement about accounting?

a. Generally accepted accounting principles (GAAP) is a set of accounting standards used in the preparation of financial statements.

b. Financial Accounting Standards Board (FASB) is a private organization delegated by the Federal Reserve with the responsibility to establish the GAAP.

c. Management accountants work with a business or nonprofit organizations, preparing reports and analyzing financial info.

d. Public accountants provide a variety of accounting services for clients on a fee basis.

e. Government accountants work for a wide variety of government agencies at the local, state, and federal levels.