Question

Assertion (A) NOP Ltd. purchased a machinery of `20,000 which is supposed to last for 20 years. The accountant decides to spread the cost of machinery for next 20 years for calculation of profit and loss.
Reason (R) According to consistency concept, accounting principles and concept, continues one year to another.
There are two statements marked as Assertion (A) and Reason (R). Read the statements and choose the appropriate option from the options given below.
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)
(b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A)
(c) Assertion (A) is false, but Reason (R) is true
(d) Assertion (A) is true, but Reason (R) is false

Answer 1

Explanation:

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Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A)

(c) Assertion (A) is false, but Reason (R) is true

(d) Assertion (A) is true, but Reason (R) is false

Answer 2

Answer:

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A)

(c) Assertion (A) is false, but Reason (R) is true

(d) Assertion (A) is true, but Reason (R) is false

Explanation:

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