Which of the Following Statements Is Incorrect

question 13

Multiple Choice

Which of the following statements is incorrect?

• A)AASB 127 specifies that intragroup balances,transactions,income and expenses shall be eliminated in full
• B)a new consolidation is carried out each year,with no adjustments being made in the separate legal accounts of the consolidated group members
• C)the purpose of consolidated accounts is to show the operating result and financial position of the economic entity in its dealings with entities outside the group
• D)only the parent company's share of the subsidiary needs to be eliminated in relation to intragroup transactions

Understand the role of guided participation in the learning process.

Understand the concept of sensitive and critical periods in language development.

Recognize the human tendency to seek explanations for the world through theory-theory and deductive reasoning.

Identify and describe the process of fast-mapping in vocabulary development.

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Definitions:

Customer Account

An account that records all transactions between a business and its customers, including purchases, payments, and credits.

Subsidiary Ledgers

Detailed ledgers that contain financial information on specific accounts or areas, such as accounts receivable or payable, supporting the general ledger.

Accounts Receivable

Money owed to a business by its clients for goods or services that have been delivered but not yet paid for.

Accounts Payable

A liability account on a company’s balance sheet representing money owed to creditors for goods and services purchased on credit.