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Which statement best describes a situation in which people have to pay a deductible?
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1. Introduction to Accounting
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U.S. accounting practice is primarily guided by which of the following organizations?
A
Governmental Accounting Standards Board (GASB)
B
Securities and Exchange Commission (SEC)
C
Financial Accounting Standards Board (FASB)
D
International Accounting Standards Board (IASB)
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Understand the role of each organization mentioned in the problem: GASB, SEC, FASB, and IASB.
Recognize that U.S. accounting practices are primarily guided by Generally Accepted Accounting Principles (GAAP), which are established by a specific organization.
Learn that the Financial Accounting Standards Board (FASB) is the organization responsible for setting GAAP in the United States.
Differentiate FASB from other organizations: GASB focuses on governmental accounting standards, SEC oversees securities markets, and IASB sets international accounting standards.
Conclude that the correct answer is FASB, as it is the primary organization guiding U.S. accounting practices.
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