Which of the Following Is a True Statement Regarding Elimination

question 168

Multiple Choice

Which of the following is a true statement regarding elimination entries necessary for the preparation of consolidated financial statements?

• A) The entries appear only on the consolidated work sheet.
• B) The entries contain either debits or credits,but not both.
• C) The entries are made only for intercompany receivables,payables,and expenses.
• D) The entries are recorded in the consolidated general journal but not posted to the consolidated general ledger.

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