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Need for Analysis of Financial Information

Assertion :Ac...

Question

Assertion :Accounting information refers to only events which are concerned with business firm. Reason: Accounting information is presented in financial statements.

A

Both Assertion and Reason are correct and Reason is the correct explanation for Assertion

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B

Both Assertion and Reason are correct but Reason is not the correct explanation for Assertion

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C

Assertion is correct but Reason is incorrect

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D

Both Assertion and Reason are incorrect

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Solution

The correct option is A Both Assertion and Reason are correct and Reason is the correct explanation for Assertion
In the given question both the reason and the assertion are correct and the reason is the correct explanation for the assertion. Accounting information refers only to the events which are concerned with the business firm and accounting information is presented in the financial statements. The Financial statements include the transactions that are related only to the business.

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