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Exam AHM-520 topic 1 question 178 discussion

Actual exam question from AHIP's AHM-520
Question #: 178
Topic #: 1
[All AHM-520 Questions]

Two sets of financial accounting standards are generally accepted accounting principles (GAAP) and statutory accounting practices (SAP).
One true statement about these financial accounting standards is that:

  • A. State laws and regulations in the United States govern the implementation of GAAP, but not the implementation of SAP
  • B. Health plans must prepare their financial statements for their external users according to applicable laws, regulations, and accounting principles, particularly GAAP
  • C. GAAP specifically focuses on the requirements of insurance regulators and policyholder interests
  • D. The Financial Accounting Standards Board (FASB) is a private organization whose purpose is to establish and promote SAP in the United States
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Suggested Answer: B 🗳️
by gemazyni at April 5, 2025, 3:08 p.m.

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