Question : Assertion A:- In many situations, the accountant has to make a choice out of alternatives available, e.g., choice in the method of inventory valuation, choice in the method of depreciation (straight line or written down value)

Reason R: - The subjectivity is inherent in personal judgment, the financial statements are, therefore, not free from bias. It is a limitation of financial statements.

Option 1: Both Assertion A and reason R are correct but reason R is not the correct explanation of Assertion A

Option 2: Both Assertion A and reason R are correct but reason R is the correct explanation of Assertion A

Option 3: Both Assertion A is correct but the reason R is not correct

Option 4: Both Assertion A and reason R are not correct 

Question : Assertion (A): High levels of human capital imply not only high earning potential but also a shift in the social and economic landscape.
Reason (R): It alters one's style of thinking and enables one to come to informed and logical judgments.

Option 1: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation
of Assertion (A).

Option 2: Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation
of Assertion (A).

Option 3: Assertion (A) is true but Reason (R) is False

Option 4: Assertion (A) is False but Reason (R) is true.

Question : Assertion: The management process is continuous and ongoing.

Reason: It involves a series of interconnected functions that are performed repeatedly.

Option 1: Both assertion and reason are correct, and the reason explains the assertion.
 

Option 2: Both assertion and reason are incorrect.
 

Option 3: The assertion is correct, but the reason is incorrect.
 

Option 4: The assertion is incorrect, but the reason is correct.

Option 5: Both assertion and reason are correct, and the reason is not the correct explanation of the assertion.

Question : Assertion: The management process is continuous and ongoing.

Reason: It involves a series of interconnected functions that are performed repeatedly.

Option 1: Both assertion and reason are correct, and the reason explains the assertion.
 

Option 2: Both assertion and reason are incorrect.
 

Option 3: The assertion is correct, but the reason is incorrect.
 

Option 4: The assertion is incorrect, but the reason is correct.

Option 5: Both assertion and reason are correct, and the reason is not the correct explanation of the assertion.

Question : Assertion: Management is necessary in all types and sizes of organizations.

Reason: It ensures effective utilization of resources and achievement of objectives.

Option 1: Both assertion and reason are correct, and the reason explains the assertion.
 

Option 2: Both assertion and reason are incorrect.
 

Option 3: The assertion is correct, but the reason is incorrect.
 

Option 4: The assertion is incorrect, but the reason is correct.

Option 5: Both assertion and reason are correct, and the reason is not the correct explanation of the assertion.