Accounting gives the true picture of the organization's financial position.

True

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False

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Irrelevant

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Partiality false

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Solution

The correct option is D Partiality false
A True and fair view in accounting means that a financial statement is free from material misstatements and faithfully represents the financial performance and positioning of an entity.
As the change in the value of money due to inflation is not reflected in the book of accounts, the accounting data does not reflect the true and fair view of the affairs of an enterprise.

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