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What is the primary accounting standard used in the United States?

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Question: What is the primary accounting standard used in the United States?

Options:

  1. IFRS
  2. GAAP
  3. IAS
  4. FASB

Correct Answer: GAAP

Solution: 

GAAP (Generally Accepted Accounting Principles) is the primary accounting standard in the U.S.

What is the primary accounting standard used in the United States?

Practice Questions

Q1
What is the primary accounting standard used in the United States?
  1. IFRS
  2. GAAP
  3. IAS
  4. FASB

Questions & Step-by-Step Solutions

What is the primary accounting standard used in the United States?
  • Step 1: Understand that accounting standards are rules for how financial statements should be prepared.
  • Step 2: Learn that in the United States, there is a specific set of rules called GAAP.
  • Step 3: Know that GAAP stands for Generally Accepted Accounting Principles.
  • Step 4: Recognize that GAAP is used by companies to ensure their financial statements are consistent and transparent.
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