Post Utme Unilorin 2024 Commerce Question 35

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

Post Utme Unilorin 2024 Commerce Objective / Multiple Choice
Question 35 POST_UTME_UNILORIN • 2024 • COMMERCE • objective

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

Answer Options

A. It is prepared in accordance with the International Financial Reporting Standards (IFRS)
B. It is audited by an independent auditor
Correct Answer C. It is prepared in accordance with the Generally Accepted Accounting Principles (GAAP)
D. It is prepared in accordance with the cash basis of accounting
Correct Answer
C
Correct Option:
It is prepared in accordance with the Generally Accepted Accounting Principles (GAAP)

About This Question

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

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