Oct14 In which one of the following situations is the financial statements said to be true and fair? Not yet answered When the profit or loss shown in the profit and low account is true and fair, and also when the value of assets and liabilities shown in the balance sheet is true and fait When the profit or loss shown in the profit and loss account is true and fair but there exists secret reserves in the financial statements When the profit or loss shown in the profit and loss account is true and fair but it is not necessary that the value of assets and liabilities shown in the balance sheet is true and fair When the value of assets and liabilities shown in the balance sheet is true and fair but the profit and Joss shown in the profit and loss account is not true and fair Question 15 Operating results of a business are disclosed in the: Not yet answered Marked out of 1.00 P Flag question Bookkeeping records Income Statement Budget statements Cash Book