Which of the following statements is INCORRECT?

a $.$ Cash basis accounting recognizes revenue and expense based on when cash is exchanged.

b$.$ Accrual basis accounting requires less managerial judgment than cash basis accounting.

c$.$ Cash basis accounting has poor matching of revenues and expenses.

d$.$Cash basis accounting is suitable for cash$-$only businesses.

e$.$ Accrual basis accounting is required under the U$.$S$.$ GAAP