Question: What is not the correct answer about Generally Accepted Accounting Principles (GAAP)? GASB Statements are officially established accounting principles to follow GAAP. One purpose of

What is not the correct answer about Generally Accepted Accounting Principles (GAAP)?

GASB Statements are officially established accounting principles to follow GAAP.

One purpose of GAAP is to help governments provide policy makers and managers with the information needed to make decisions and assess accountability.

GAAP reporting information is only used by auditors.

The contents of the audited financial statements and notes are governed solely by GAAP.

When GAAP and state laws or regulations disagree, GAAP prevails.

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