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Generally Accepted Accounting Principles (GAAP) MCQs

What is the requirement regarding the format of financial reports and comprehensive income?

There is no requirement on the format of financial reports.

They must be font size 14 and not exceed 5 pages.

They should detail out every expense.

That expense categories be limited to no more than 10.

Answer

Correct Answer: There is no requirement on the format of financial reports.

Explanation:

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