True or false: The Financial Accounting Standards Board defines the generally accepted accounting principles that accountants must follow.

True. The Financial Accounting Standards Board (FASB) is indeed responsible for establishing and improving the Generally Accepted Accounting Principles (GAAP) in the United States. GAAP comprises a set of accounting standards, principles, and procedures that organizations must adhere to when compiling their financial statements. These principles aim to ensure consistency, reliability, and comparability of financial information across different entities. FASB develops these standards through a transparent and rigorous process involving public input and consultation. As a result, accountants and companies are required to comply with GAAP to ensure that their financial reporting is accurate and adheres to the established norms, thereby providing useful information to investors, regulators, and other stakeholders in the financial markets.