CUET Accountancy - Which one of the following is not true? | PYQs + Solutions

CUET Accountancy 2022 8 Aug Shift 2

Financial Statements

Medium

Financial statements are prepared on the basis of accounting principles and conventions.

Any changes in accounting principles or methods will affect the utility of the financial statements.

During the period of high inflation, the amounts associated with the items of balance sheet are adjusted to current price level.

Financial statements record only those transactions which can be expressed in monetary units only.

✅ Correct Option: 3

CUET Accountancy 2022 8 Aug Shift 2 PYQs