Q1200
Which of the following statement is true? Statement 1: Financial statements are prepared on the basis of accounting principles. Statement 2: Any changes in accounting principles or method will affect the utility of the financial statements.
A.
1 is true, but 2 is false
B.
2 is true, but 1 is false
C.
Both 1 and 2 are true
AnswerD.
Both 1 and 2 are false
Answer: Option C
Solution
Answer: Option C
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