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When a Parent-Subsidiary Relation Exists, Consolidated Financial Statements Are Prepared

question 14

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When a parent-subsidiary relation exists, consolidated financial statements are prepared in recognition of the accounting concept of:


Definitions:

Guile

The use of clever but usually deceptive methods to achieve one's aims or to manipulate the situation to one's advantage.

Unfair Advantage

An unethical or unjust edge or benefit in a competitive situation that is often gained through exploitation of confidential information or other unethical practices.

Crafty

Exhibiting cleverness or ingenuity, especially in deceiving others.

Fairness

A principle concerning equitable and impartial treatment or behavior without favoritism or discrimination.

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