Regulations and Rules in the Accounting Practice: There are basic accounting rules that all organizations must follow. The purpose of these rules is to make sure that sound accounting principles are being followed. There are private entity rules and governmental entity rules. Which of the following acronym would best describe these regulations and rules? (Points : 1) GAAP General Accounting and Auditing PoliciesFASB Federal Accounting Standards BoardGASB General Accounting Standards Board GAAP Governmental Accounting and Auditing PoliciesFASB Fiscal Accounting Standards BoardGASB Governmental Accounting Standards Board GAAP Governmental Association for Accounting ProceduresFASB Financial Accounting Standards BoardGASB Generally Accepted Auditing Principles GAAP Generally Accepted Accounting PrinciplesFASB Financial Accounting Standards BoardGASB Governmental Accounting Standards Board