Which of the following is the nature of the financial statements of a company?
Options:
Recorded Facts
Postulates
Both of these
None of these
Correct Answer:
Both of these
Explanation:
The following points explain the nature of financial statements: 1. Recorded Facts 2. Accounting Conventions 3. Postulates 4. Personal Judgements Here Option 1 is Recorded Facts and Option 2 is Postulates