Assertion: Financial statements need to be arranged in a proper form with suitable contents so that the shareholders and other users of financial statements can easily understand and use them in their economic decisions in a meaningful way. Reason: The financial statements are the outcome of the summarizing process of accounting and are, therefore, the sources of information on the basis of which conclusions are drawn about the profitability and the financial position of a company a) Both A and R are correct b) A is correct, but R is wrong c) A is wrong, but R is correct d) Both A and R are wrong

Assertion: Financial statements need to be arranged in a proper form w

1.	Assertion: Financial statements need to be arranged in a proper form with suitable contents so that the shareholders and other users of financial statements can easily understand and use them in their economic decisions in a meaningful way. Reason: The financial statements are the outcome of the summarizing process of accounting and are, therefore, the sources of information on the basis of which conclusions are drawn about the profitability and the financial position of a company a) Both A and R are correct b) A is correct, but R is wrong c) A is wrong, but R is correct d) Both A and R are wrong
Answer» a) Both A and R are correct

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