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Comparative Statement of Profit and Loss

Statement: Th...

Question

Statement: The end of a financial year is the ideal time to take a look at the performance of various companies.
Assumptions:
I. All the companies take such a review at the end of a financial year.
II. The performance data of various companies is available.

A

Only assumption I is implicit

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B

Only assumption II is implicit

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C

Either I or II is implicit

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D

Neither I nor II is implicit

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E

Both I and II are implicit

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Solution

The correct option is E Both I and II are implicit
Since both I and II follow from the given statement, so both are implicit.

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