Which of the Following Statements Is Correct

question 8

Multiple Choice

Which of the following statements is correct?

• A) Total elimination is consistent with the parent company concept.
• B) Partial elimination is consistent with the economic unit concept.
• C) Past accounting standards required the total elimination of unrealized intercompany profit in assets acquired from affiliated companies.
• D) none of these.

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Definitions:

Uptake

The absorption or intake of substances by the cells or biological membranes.

Nutrients

Essential substances that organisms need to acquire from their environment to maintain health, growth, and reproduction.

Water Movement

The process by which water travels from one location to another, which can occur through various methods such as percolation, flow in rivers and streams, or absorption by plants.

Carbon

A chemical element with symbol C, an essential building block of life, found in all organic compounds and some inorganic ones.