Statement 1: Dividends paid are deducted from net increase in net assets to arrive at the net income. Statement 2: Cashbook is the major record maintained in a single entry system. A. Both statements...

Statement 1: Dividends paid are deducted from net increase in net assets
to arrive at the net income. Statement 2: Cashbook is the major record
maintained in a single entry system.

A. Both statements are true.
B. Both statements are false.
C. Only statement 1 is true.
D. Only statement 2 is true.