When Preparing Consolidated Financial Statements,eliminating Entries Are Made to Avoid

question 118

Multiple Choice

When preparing consolidated financial statements,eliminating entries are made to avoid double-counting ________.

• A) assets only
• B) liabilities only
• C) assets, liabilities and stockholders' equity
• D) none of the above

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Definitions:

Pharynx

The muscular tube at the back of the nose and mouth that connects them to the esophagus.

Serous Fluid

A clear, watery fluid that lubricates the surfaces of membranes lining body cavities and organs.

Pleura

Thin layers of tissue that line the lungs and the inside of the chest cavity, providing lubrication necessary for the lungs to move smoothly during breathing.

Thorax

The chest cavity.