Post Utme Covenant University 2018 Commerce Question 6

Practice objective / multiple choice question 6 from the 2018 Post Utme Covenant University Commerce examination.

Post Utme Covenant University 2018 Commerce Objective / Multiple Choice
Question 6 POST_UTME_COVENANT_UNIVERSITY • 2018 • COMMERCE • objective

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

Answer Options

Correct Answer A. Assets = Liabilities + Equity
B. Assets = Liabilities - Equity
C. Assets = Equity - Liabilities
D. Liabilities = Assets + Equity
Correct Answer
A
Correct Option:
Assets = Liabilities + Equity

About This Question

This is Post Utme Covenant University 2018 Commerce Question 6. It is one of the objective questions from the 2018 Post Utme Covenant University Commerce examination.

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