The Purpose of Providing Consolidated Statements Is to Show the Results

question 44

True/False

The purpose of providing consolidated statements is to show the results and financial position of a group as if it were operating with a single source of finance.

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Definitions:

Tangible

That which can be perceived by touch or is materially real and concrete, as opposed to abstract concepts.

Self-Actualizing

refers to the realization or fulfillment of one's talents and potentialities, especially considered as a drive or need present in everyone.

Lower-Order Needs

Lower-order needs are fundamental physiological and safety-related needs in Maslow's hierarchy, such as food, water, shelter, and security, considered essential for survival before higher-order needs can be addressed.

Abraham Maslow

An American psychologist known for creating Maslow's hierarchy of needs, a theory in psychology proposing that certain fundamental needs must be satisfied before higher needs can be pursued.