Since Freda's Alterations Has Very Few Transactions Each Year,financial Statements

question 2

True/False

Since Freda's Alterations has very few transactions each year,financial statements are only prepared for the bank every alternate year.This violates the reliability principle.

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Definitions:

Commercial Lease

A legally binding agreement between a landlord and a business for the rental of property used for commercial purposes.

Two Months' Notice

A formal notification, often in employment or tenancy agreements, requiring two months' advance warning before termination.

Landlord

An owner of property who rents it out to tenants in exchange for monthly rent.

Agreement For Sale

An agreement where title will be transferred at some time in the future, typically once the property is fully paid for; an agreement that grants possession of property to the purchaser pending full payment of the price.