The Preparation of Consolidated Financial Statements

question 10

Multiple Choice

The preparation of consolidated financial statements:

• A) obviates the need for separate entities to prepare and release their own separate financial statements.
• B) does not obviate the need for separate entities to prepare and release their own separate financial statements.
• C) should be done in accordance with AASB 127.
• D) obviates the need for separate entities to prepare and release their own separate financial statements and should be done in accordance with AASB 127.
• E) does not obviate the need for separate entities to prepare and release their own separate financial statements and should be done in accordance with AASB 127.

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Definitions:

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Political party created when former president Theodore Roosevelt broke away from the Republican Party to run for president again in 1912; the party supported progressive reforms similar to those of the Democrats but stopped short of seeking to eliminate trusts. Also the name of the party backing Robert La Follette for president in 1924.