Post Utme Achievers University 2017 Commerce Question 2

Practice objective / multiple choice question 2 from the 2017 Post Utme Achievers University Commerce examination.

Post Utme Achievers University 2017 Commerce Objective / Multiple Choice
Question 2 POST_UTME_ACHIEVERS_UNIVERSITY • 2017 • COMMERCE • objective

A company's financial statements are prepared in accordance with the Generally Accepted Accounting Principles (GAAP). Which of the following is a characteristic of GAAP?

Answer Options

A. GAAP is based on the cash basis of accounting
B. GAAP is based on the accrual basis of accounting
Correct Answer C. GAAP is based on the historical cost basis of accounting
D. GAAP is based on the current cost basis of accounting
Correct Answer
C
Correct Option:
GAAP is based on the historical cost basis of accounting

About This Question

This is Post Utme Achievers University 2017 Commerce Question 2. It is one of the objective questions from the 2017 Post Utme Achievers University Commerce examination.

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