Given below are two statements, are labelled as Assertion (A) and other as Reason (R):
Assertion (A): The fixed assets in the balance sheet are required to be shown at cost less depreciation.
Reason (R): The balance sheet and profit and loss account disclose a true and fair view.
Choose the correct answer

A. Both (A) and (R) are true and (R) is correct explanation of (A)

B. Both (A) and (R) are true but (R) is not the correct explanation of (A)

C. (A) is true but (R) is false

D. (A) is false but (R) is true

Answer: Option A