Regarding generally accepted accounting principles (GAAP), which of the following statements is incorrect? A. Relevant information is complete, neutral, and free from error. B. GAAP is currently formulated by the Financial Accounting Standards Board. C. GAAP rests on a conceptual framework that identifies the objectives, characteristics, elements, and implementation of financial statements. D. The primary objective of financial reporting is to provide information useful for making investment and lending decisions.
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