To Reconcile Accounting Statements, MNCs Usually Require ________ Different Sets

question 42

Multiple Choice

To reconcile accounting statements, MNCs usually require ________ different sets of financial statements from subsidiaries.

• A)two
• B)three
• C)five
• D)seven

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Definitions:

Credit Accounts

Accounts that are increased by credits and decreased by debits, reflecting liabilities and shareholder equity.

Owner's Equity

The amount of assets in a company that belongs to the owners after deducting liabilities; also known as shareholders' equity.

Capital Account

An account on the balance sheet that represents the equity or ownership interest of owners in the business.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns to ensure a company's bookkeeping system is mathematically correct.