Which of the following statements related to financial accounting is false?
a) The cash basis of accounting is used by most companies in the United States since it is acceptable within GAAP.
b) External users such as creditors and investors are the main users of the financial accounting data.
c) Transactions may be measured using historical cost, which provides an objective value but is not always relevant and timely.
d) Financial accounting consists of three basic activities: identifying economic events, recording those events, and communicating the financial information to users.