Homework Answers
Solution :
The Answer is (c) Notes to financial Statement.
Explanation : Notes to Financial statements are the integral part of financial statement. Since only Balance-sheet and Statement of Profit and Loss cannot provide all the details, therefore it becomes to necessary to add notes to account to provide explanations in notes to account for better understanding of financial statement to various stakeholder's. Notes to Account describes details like the policies followed by company, detailed related to item of Balancesheet and Profit and Loss, Transation between the related parties and Other Disclosures as required by Accounting Standards and other Statue.
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