Indicate whether each statement is true or false (a) GAAP is a set of rules and practices

Question:

Indicate whether each statement is true or false
(a) is a set of rules and practices established by accounting standard-setting bodies to serve as a general guide for financial reporting purposes.
(b) Substantial authoritative support for usually comes from two standards-setting bodies: the FASB and the IRS.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...