The financial data will be comparative only when same accounting principles are used in preparing these statements.

True

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False

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Partially true

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None of these

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Solution

The correct option is A
True

True. The financial data will be comparative only when same accounting principles are used in preparing these statements.

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Similar questions

Which of the following statement is true?

Statement A: Financial statements are prepared on the basis of accounting principles.

Statement B: Any changes in the accounting principles or method will affect the utility of the financial statements.

The preparation of comparative financial statement is only possible in case of presence of past year data.

Statement I: Power = $\frac{V^{2}}{R}$ is used only when the potential difference across the resistors are constant.

Statement II: Power = $I^{2}$ R is used only when current in the resistors are constant.

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