In the Preparation of Consolidated Financial Statements,which of the Following

Multiple Choice

In the preparation of consolidated financial statements,which of the following intercompany transactions must be eliminated as part of the preparation of the consolidation working papers?

A) All revenues,expenses,gains,losses,receivables,and payables
B) All revenues,expenses,gains,and losses but not receivables and payables
C) Receivables and payables but not revenues,expenses,gains,and losses
D) Only sales revenue and cost of goods sold