The question contains two statement. One is Assertion (A) and the other is Reason (R). You have to examine both the statements carefully and decide whether the Assertion (A) and Reason (R) are separately true? and If so, then Reason is the correct explanation of the Assertion. Mark these items in the balance sheet. Assertion (A) Balance sheet does not reveal ownership of business. Reason (R) Assets are just unrefined cost.

The correct answer is: C. A is correct but R is wrong.

Assertion (A) is correct because the balance sheet does not reveal ownership of business. The balance sheet shows the assets, liabilities, and equity of a company, but it does not show who owns the company. This information can be found in the company’s ownership structure, which is not part of the balance sheet.

Reason (R) is wrong because assets are not just unrefined cost. Assets are resources that a company owns and expects to benefit from in the future. They can be tangible, such as property and equipment, or intangible, such as patents and trademarks. Assets have value because they can be used to generate revenue or reduce costs.

In conclusion, Assertion (A) is correct but Reason (R) is wrong.