Post Utme Uniport 2025 Commerce Question 6

Practice objective / multiple choice question 6 from the 2025 Post Utme Uniport Commerce examination.

Post Utme Uniport 2025 Commerce Objective / Multiple Choice

Question 6 POST_UTME_UNIPORT • 2025 • 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. It is a set of rules that govern the preparation of financial statements.

Correct Answer B. It is a set of principles that guide the preparation of financial statements.

C. It is a set of standards that are mandatory for all companies.

D. It is a set of guidelines that are optional for companies.

Correct Answer

Correct Option:

It is a set of principles that guide the preparation of financial statements.

About This Question

This is Post Utme Uniport 2025 Commerce Question 6. It is one of the objective questions from the 2025 Post Utme Uniport Commerce examination.

View More Post Utme Uniport 2025 Commerce Questions More Post Utme Uniport 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