Post Utme Igbinedion University 2024 Commerce Question 35

Practice objective / multiple choice question 35 from the 2024 Post Utme Igbinedion University Commerce examination.

Post Utme Igbinedion University 2024 Commerce Objective / Multiple Choice

Question 35 POST_UTME_IGBINEDION_UNIVERSITY • 2024 • COMMERCE • objective

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

Answer Options

A. To ensure compliance with tax laws

Correct Answer B. To provide a framework for financial reporting

C. To identify areas for cost reduction

D. To provide a second opinion on management decisions

Correct Answer

Correct Option:

To provide a framework for financial reporting

About This Question

This is Post Utme Igbinedion University 2024 Commerce Question 35. It is one of the objective questions from the 2024 Post Utme Igbinedion University Commerce examination.

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