Post Utme Bells University 2020 Commerce Question 1

Practice objective / multiple choice question 1 from the 2020 Post Utme Bells University Commerce examination.

Post Utme Bells University 2020 Commerce Objective / Multiple Choice
Question 1 POST_UTME_BELLS_UNIVERSITY • 2020 • COMMERCE • objective

A company's financial statements are audited annually. The auditor's report states that the company's financial statements are presented fairly in all material respects, but notes that the company's accounting policies are not in line with the Generally Accepted Accounting Principles (GAAP). What is the implication of this finding?

Answer Options

A. The company's financial statements are not reliable.
Correct Answer B. The company's accounting policies are not in line with GAAP.
C. The auditor's report is not reliable.
D. The company's financial statements are presented fairly in all material respects.
Correct Answer
B
Correct Option:
The company's accounting policies are not in line with GAAP.

About This Question

This is Post Utme Bells University 2020 Commerce Question 1. It is one of the objective questions from the 2020 Post Utme Bells University Commerce examination.

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