| Directions: Each of the following questions consists of two statements, one is Assertion (A) and the other is Reason (R). Give answer: |
| Assertion (A): Statement of profit and loss and balance sheet are financial statement showing financial position of a business unit. |
| Reason (R): Statement of profit and loss and balance sheet are prepared at the end of the financial year. |
A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
B) Both Assertion (A) and Reason (R) are true but Reason (R) is not the correct explanation of Assertion (A).
C) Assertion (A) is true but Reason (R) is false.
D) Assertion (A) is false but Reason (R) is true.
Correct Answer: D
Solution :
[d]
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