Which One of the Following Is Not a Change in a Reporting

question 24

Multiple Choice

Which one of the following is not a change in a reporting entity?

• A) the purchase of a new subsidiary
• B) presenting a consolidated statement for the first time
• C) changing the specific subsidiaries that make up the group of entities presented in the financial statements
• D) changing the entities in combined financial statements

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Definitions:

Age of Majority

The legally determined age at which an individual is considered an adult and capable of making legal decisions and responsibilities.

Infants

Persons under the age of majority; also known as minors.

Condominium

A type of real estate ownership where an individual owns a unit within a larger complex, with shared ownership of common areas.

Payments

The act of transferring money or money's worth from one party to another as compensation for goods, services, or to fulfill a legal obligation.