Which of the following statements is true regarding generally accepted accounting principles (GAAP)? A) GAAP is a set of laws. B) GAAP is subject to change as conditions warrant. C) Under GAAP, if two companies engage in the same transactions, they must choose the same accounting methods. D) U.S. GAAP is the same as GAAP in other countries. Currently, the organization with the primary responsibility for formulating U.S. generally accepted accounting principles is the: A) American Institute of Certified Public Accountants B) Securities and Exchange Commission C) Financial Accounting Standards Board D) Internal Revenue Service