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 correct option is B - Both statements A and B are true.
Both statements A and B are true. i.e
Financial statements are prepared on the basis of accounting principles.
Any changes in the accounting principles or method will affect the utility of the financial statements.