Post Utme Elizade University 2019 Commerce Question 11

Practice objective / multiple choice question 11 from the 2019 Post Utme Elizade University Commerce examination.

Post Utme Elizade University 2019 Commerce Objective / Multiple Choice
Question 11 POST_UTME_ELIZADE_UNIVERSITY • 2019 • 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

Correct Answer A. GAAP is a set of rules and guidelines that are mandatory for all companies.
B. GAAP is a set of rules and guidelines that are voluntary for all companies.
C. GAAP is a set of rules and guidelines that are applicable only to publicly traded companies.
D. GAAP is a set of rules and guidelines that are applicable only to non-profit organizations.
Correct Answer
A
Correct Option:
GAAP is a set of rules and guidelines that are mandatory for all companies.

About This Question

This is Post Utme Elizade University 2019 Commerce Question 11. It is one of the objective questions from the 2019 Post Utme Elizade University Commerce examination.

View More Post Utme Elizade University 2019 Commerce Questions More Post Utme Elizade University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support