Final answer:
The incorrect statement about the APHIS permit system for GMO testing is the requirement to submit a permit 120 days in advance; the actual timeframe can vary. Permits are mandatory for both academic institutions and companies, and precautions must be taken to prevent the spread and accidental release of GMOs.
Step-by-step explanation:
The statement that is not true about the APHIS permit system for GMO testing is that a permit must be submitted 120 days before planned GMO field testing. The correct procedure actually requires that permits be submitted in advance, but the exact time can vary and may not be as lengthy as 120 days. As for other parts of the question, permits are indeed a requirement both for academic institutions and companies before proceeding with field testing of new GMO plants. Additionally, the APHIS does require notification within a certain timeframe in the event of an accidental release of GMOs. The permit system also requires that precautions be taken to prevent the accidental spread of GMOs to ensure environmental safety and compliance with regulations.