Post Utme Greenfield University 2021 Commerce Question 27

Practice objective / multiple choice question 27 from the 2021 Post Utme Greenfield University Commerce examination.

Post Utme Greenfield University 2021 Commerce Objective / Multiple Choice

Question 27 POST_UTME_GREENFIELD_UNIVERSITY • 2021 • COMMERCE • objective

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

Answer Options

A. It is based on cash flows

B. It is based on accrual accounting

Correct Answer C. It is based on historical cost

D. It is based on market value

Correct Answer

Correct Option:

It is based on historical cost

About This Question

This is Post Utme Greenfield University 2021 Commerce Question 27. It is one of the objective questions from the 2021 Post Utme Greenfield University Commerce examination.

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