onsolidated financial statements are I. The financial statements of a group presented as those of a single economic entity. II. Those presented by parent, an investor in an associate or a venturer in jointly controlled entity, in which the investment are accounted for on the basis of the direct equity interest rather than on the basis of the reported results and net assets of the investee. I only II only Both I and II Neither I nor II
onsolidated financial statements are I. The financial statements of a group presented as those of a single economic entity. II. Those presented by parent, an investor in an associate or a venturer in jointly controlled entity, in which the investment are accounted for on the basis of the direct equity interest rather than on the basis of the reported results and net assets of the investee. I only II only Both I and II Neither I nor II
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
onsolidated financial statements are
I. The financial statements of a group presented as those of a single economic entity.
II. Those presented by parent, an investor in an associate or a venturer in jointly controlled entity, in which the investment are accounted for on the basis of the direct equity interest rather than on the basis of the reported results and net assets of the investee.
I. The financial statements of a group presented as those of a single economic entity.
II. Those presented by parent, an investor in an associate or a venturer in jointly controlled entity, in which the investment are accounted for on the basis of the direct equity interest rather than on the basis of the reported results and net assets of the investee.
I only
II only
Both I and II
Neither I nor II
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