The ________,An Organization Created by the Accounting Profession,issues New GAAP

question 25

Multiple Choice

The ________,an organization created by the accounting profession,issues new GAAP rules and amends existing rules.

• A)Financial Accounting Standards Board (FASB)
• B)International Accounting Standards Board (IASB)
• C)International Financial Reporting Board (IFRB)
• D)American Institute of Certified Public Accountants (AICPA)

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Definitions:

Insurance Company

A business entity that provides financial protection and compensation for losses in exchange for payment of premiums.

Premium

The amount paid for an insurance policy or the charge for accepting a higher risk in financial transactions.

Business Interruption Insurance

An insurance that provides coverage for revenue lost due to a temporary business closure caused by an insured disaster.

Policy-Holder

An individual or entity who owns an insurance policy and is entitled to coverage under that policy.