Post Utme Lead City University 2020 Commerce Question 20

Practice objective / multiple choice question 20 from the 2020 Post Utme Lead City University Commerce examination.

Post Utme Lead City University 2020 Commerce Objective / Multiple Choice
Question 20 POST_UTME_LEAD_CITY_UNIVERSITY • 2020 • 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

A. GAAP is a set of rules that govern the preparation of financial statements
Correct Answer B. GAAP is a set of principles that guide the preparation of financial statements
C. GAAP is a set of standards that ensure the accuracy of financial statements
D. GAAP is a set of guidelines that promote transparency in financial reporting
Correct Answer
B
Correct Option:
GAAP is a set of principles that guide the preparation of financial statements

About This Question

This is Post Utme Lead City University 2020 Commerce Question 20. It is one of the objective questions from the 2020 Post Utme Lead City University Commerce examination.

View More Post Utme Lead City University 2020 Commerce Questions More Post Utme Lead City 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