Which statement about financial statements is true?

The assertion that sets of financial statements should be presented together as a unit reflects the principle of providing a cohesive and comprehensive view of an organization’s financial health. Presenting financial statements collectively helps stakeholders understand the overall performance and position of the organization in context, rather than in isolation. This holistic view allows for better analysis and decision-making, as users can easily assess the relationships and impacts between different segments of the organization’s finances.

The practice also aligns with reporting standards which often require that the financial statements, including the balance sheet, income statement, and cash flow statement, be presented as a unified set. This ensures that users of the financial statements, such as management, investors, and regulators, have a complete and integrated picture of the organization's financial status at a specific point in time. Having the financial statements presented together helps in easily navigating through the data and drawing more informed conclusions.