Q1365
Consider the following statements: Statement (A): Balance sheet shows liquidity position of a business on a particular date. Reason (R): Balance sheet is prepared on basis of actual transactions which are recorded in the books of accounts. Give the correct answer:
A.
A and R both are correct and R is correct explanation of A
AnswerB.
A and R both are correct and R is not correct explanation of A
C.
A is correct but R is wrong
D.
A is wrong but R is correct
Answer: Option A
Solution
Answer: Option A
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