Identify the statement below that is not correct regarding generally accepted accounting principles $($GAAP$).$

Multiple Choice

GAAP is used to ensure that financial statements are meaningful and useful.

GAAP allows the financial statements of different companies to be compared and meaningful conclusions drawn from the comparison.

Sole proprietorships are not required to use GAAP because there is only a single owner.

Using generally accepting accounting principles $($GAAP$)$ allows companies to compare its own statements from period to period.