Post Utme Futo 2017 Commerce Question 3

Practice objective / multiple choice question 3 from the 2017 Post Utme Futo Commerce examination.

Post Utme Futo 2017 Commerce Objective / Multiple Choice

Question 3 POST_UTME_FUTO • 2017 • COMMERCE • objective

A firm's financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP). What is the primary purpose of GAAP?

Correct Answer A. To provide a framework for financial reporting

B. To ensure compliance with tax laws

C. To reduce the cost of financial reporting

D. To increase the complexity of financial reporting

Correct Answer

Correct Option:

To provide a framework for financial reporting

This is Post Utme Futo 2017 Commerce Question 3. It is one of the objective questions from the 2017 Post Utme Futo Commerce examination.

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