Multiple Choice
Which of the following statements is incorrect?
A) Where consolidated financial statements are prepared over a number of years, consolidation entries need to be made every time a consolidation worksheet is prepared.
B) Consolidation adjusting entries affect the ledger accounts of the parent and subsidiaries.
C) A consolidation worksheet is used to help the process of adding together the financial statements of the parent and its subsidiaries.
D) There are no consolidated ledger accounts.
Correct Answer:
Verified
Correct Answer:
Verified
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