It Is Acceptable to Use Values in Formulas When You

question 68

True/False

It is acceptable to use values in formulas when you know those values will never change.

---

Definitions:

Consolidated Financial Statements

Financial statements that show the financial results and position of a parent entity and its subsidiaries as if the group were a single entity.

Parent Entity

A business entity that possesses a majority stake in one or more subsidiary companies.

Reporting Entity

is an entity for which there are users who rely on its financial statements to make economic decisions.

Economic Activity

Actions that involve the production, distribution, and consumption of goods and services within an economy.