The set of standards that govern accounting in the United States are known as ________.

The correct answer reflects the framework known as Generally Accepted Accounting Principles (GAAP), which is the collection of commonly followed accounting rules and standards for financial reporting in the United States. GAAP encompasses a wide array of guidelines that ensure transparency, consistency, and comparability of financial statements, making it easier for investors, regulators, and other stakeholders to interpret financial data.

These standards are crucial for maintaining trust in the financial reporting process and are used by companies when preparing their financial statements. GAAP was established and is maintained by the Financial Accounting Standards Board (FASB), which outlines the principles that companies must follow in their accounting practices.

In contrast, International Financial Reporting Standards (IFRS) are utilized in many other countries but are not the governing standards in the U.S. Federal Accounting Standards primarily refer to financial reporting rules for governmental entities rather than general business practices. Corporate Compliance Standards typically relate to adherence to laws and regulations within a specific company rather than overarching accounting principles.