Statement 1: Punctuality and team spirit among employees of an organization has great contribution in enhancing profits of the business but they do not appear as an asset in the balance sheet.

Statement 2: Financial statements do not reflect the correct financial position of a business.


  • A

    Both statements I & II are correct

  • B

    Both statements I & II are incorrect

  • C

    Statement I is correct, but II is incorrect

  • D

    Statement I is incorrect, but II is correct