Read the following statements.
1. Financial statements are only interim reports.
2. Financial statements are prepared on the basis of realisable values.
3. The preparation of financial statements is not an ultimate aim.
4. Certain assumptions are necessary to prepare financial statements.
Which of the following combinations consists of all true statements?
A. 1, 2 and 3
B. 2, 3 and 4
C. 1, 3 and 4
D. 1, 2 and 4
Answer: Option C
This Question Belongs to Commerce >> Accounting
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