The Financial Statements of Legally Separate Entities May Be Issued

question 73

True/False

The financial statements of legally separate entities may be issued to show the financial position and income as they would appear if the companies were one legal entity.Such statements reflect a legal,rather than an economic,concept of the entity.

---

Definitions:

Public Schools

Educational institutions that are funded and operated by government agencies to offer free education to students through taxes collected from the public.

Selective Incorporation

A constitutional doctrine that ensures states cannot enact laws that infringe on the rights of citizens protected by the Bill of Rights.

Eminent Domain

The right of a government or its agent to expropriate private property for public use, with payment of compensation.

Alien and Sedition Acts

A series of laws passed in 1798 that restricted the activities of foreign residents in the United States and limited freedom of speech and of the press.