Which of the Following Is/are True

Multiple Choice

Which of the following is/are true?

A) A firm that controls another entity prepares consolidated financial statements with that entity.
B) The consolidated financial statements reflect the results of the legally separate entities as if they were a single entity.
C) The consolidated financial statements eliminate intercompany balance sheet and income statement accounts and intercompany profit or loss on transactions between the entities.
D) Consolidated balance sheets consolidate all of the assets and liabilities of the controlled entity and then show the claim of noncontrolling shareholders against consolidated net assets as part of shareholders' equity.
E) all of the above