Final answer:
US GAAP is a guide to action that may change over time.
Step-by-step explanation:
The statement, "US GAAP is a guide to action that may change over time" is true.
GAAP stands for Generally Accepted Accounting Principles and is a set of accounting rules and standards followed in the United States. It provides guidance on how companies should record and report their financial transactions. GAAP is not static and can change over time to adapt to new economic, legal, and business environments.
For example, the Financial Accounting Standards Board (FASB) regularly updates and issues new accounting standards to reflect changes in the industry and ensure the accuracy and transparency of financial reporting.