'If There Are No Intra-Group Transactions and No Goodwill or Discount

Multiple Choice

'If there are no intra-group transactions and no goodwill or discount on acquisition, the consolidated financial statements are an aggregate of those financial statements of the companies in a group.' This statement is:

A) true, because only intra-group transactions need to be considered in the preparation of group financial statements
B) false, because assets and equity of the group would be overstated
C) true, because only intra-group transactions and adjustments for differences on acquisition need to be considered in the preparation of group financial statements
D) false, because assets and equity would be understated