Final answer:
All accounting information for companies in the United States generally must comply with GAAP to ensure consistency and reliability in financial reporting, although some exceptions apply for small or private companies.
Step-by-step explanation:
The statement "All accounting information must comply with GAAP" is generally true for companies in the United States. GAAP, which stands for Generally Accepted Accounting Principles, is a collection of standards and procedures that companies should follow when compiling their financial statements. Compliance with GAAP is required for publicly traded companies in the U.S., as it ensures consistency, comparability, and reliability of financial reporting.
However, some small businesses and private companies may not be legally required to follow GAAP, though it is still recommended for coherence and best practices in financial reporting. Additionally, companies outside the United States may comply with other frameworks, like the International Financial Reporting Standards (IFRS).