Which of the following statements is not correct in relation to consolidation accounting key terms?Select one alternative:Consolidated financial statements are financial statements of a group of entities presented as if that group was acting as a single economic entity.A parent is an entity that has more than one subsidiary.A subsidiary is an entity that is controlled by another entity.A group comprises a parent and all of its subsidiaries.

Parent and subsidiary are two types of companies. Parent company is that company who has control…

Answered: Which of the following statements is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following statements is not correct in relation to consolidation accounting key terms?

Select one alternative:

Consolidated financial statements are financial statements of a group of entities presented as if that group was acting as a single economic entity.
A parent is an entity that has more than one subsidiary.
A subsidiary is an entity that is controlled by another entity.
A group comprises a parent and all of its subsidiaries.

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