Which basis of accounting gives a correct picture of operating results and financial position of a firm?
Accrual basis of accounting gives a correct picture of operating results and financial position of a firm.
______ is prepared to ascertain the financial result of a business operation over a given period of time and ______ shows the financial position of a business at a particular date.
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.