Which of the following statements is true about GAAP?

• GAAPwas created to educate the public about how to invest in U.S. securities markets.
• GAAP contains the procedures, standards and rules for accounting information in the U.S.
• GAAPrefers to the international accounting rules that U.S. companies must follow for their international operations.
• As long as a publicly-traded U.S. company usesGAAP, they are not required to report to the Securities and Exchange Commission.