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State true or false with reasons.Financial statements include only the Balance Sheet. |
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Answer» This statement is False. Financial statements include Balance Sheet and Profit and Loss A/c. This is because financial statements are prepared by business organisations to find out the efficiency, solvency, profitability, growth, strength, and status of the business. For this, they need information from the balance sheet as well as from Profit and Loss A/c. |
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