Which of the following statements regarding the effective$-$interest method of accounting for bonds characteristics is false?

The amount of periodic interest expense decreases over the life of a discounted bond issue when the effectiveinterest method is used.

Over the life of the bonds, the carrying value increases for discounted bonds when using the effective$-$interest method.

GAAP always requires use of the effective interest method.

The effective$-$interest method applies a constant percentage to the bond carrying value to compute interest expense.