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Which one of the following statements is correct?
A Items must be excluded from the financial statements if they are immaterial.
B It is a legal requirement that the legal form of a transaction must always be shown
in the financial statements of a company.
C In times of rising prices, the use of historical cost accounting will tend to overstate
profits and understate assets.
D Unless financial information is provided in a timely manner, it might lose its
relevance.The correct answer is D, but isnt C also a correct answer?
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