Question : Statement 1: For efficient analysis and interpretation, the financial accounting data is categorised and codified.
Statement 2: The accounts are categorised according to their nature.
Option 1: Both the statements are true
Option 2: Both the statements are false
Option 3: Statement 1 is true and statement 2 is false
Option 4: Statement 1 is false and statement 2 is true
Answer (1)
25th Jan, 2024
Correct Answer: Both the statements are true
Solution : For efficient analysis and interpretation, the financial accounting data is categorised and codified. The accounts are categorised according to their nature. The codification accounts make account identification simple. Hence, the correct option is 1.
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