A Change in Accounting Entity Is Limited to Presenting Consolidated

question 10

True/False

A change in accounting entity is limited to presenting consolidated or combined financial statements in place of individual statements or a change in the subsidiaries that make up a group of companies in which one would report either as consolidated financial statements or changing the mix of companies included in the financial statements.

---

Definitions:

Scarcity

The basic economic issue arises from unlimited human desires facing limited resources on the planet.

Free Lunch

A term that implies you cannot get something for nothing, often used in the context that every choice has a cost.

Fallacy Of Inductive Reasoning

The fallacy of inductive reasoning occurs when a conclusion is drawn from insufficient evidence or from specific instances that do not reliably lead to a general conclusion.

Post Hoc, Ergo Propter Hoc

A logical fallacy where it is assumed that because one event followed another, the first event was the cause of the second.