Accounting · Accounting Policies & Consistency
Assertion (A): A change in the method of inventory valuation from FIFO to weighted average requires disclosure in financial statements. Reason (R): Accounting policies must remain uniform in all circumstances across periods without any exception. Choose the correct option:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both A and R are true and R is the correct explanation of A
- 2Both A and R are true but R is not the correct explanation of A
- 3A is true but R is false✓
- 4A is false but R is true
Correct answer
A is true but R is false
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