Which of the Following Are NOT Eliminated in the Preparation

question 12

Multiple Choice

Which of the following are NOT eliminated in the preparation of consolidated financial statements?

• A) intercompany payables
• B) the account for the parent company's investment in the subsidiary
• C) intercompany sales and expenses
• D) assets of the subsidiary.

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Definitions:

Standard

An established norm or requirement, often official, that specifies guidelines or criteria for procedures, products, or systems.

USB

Universal Serial Bus, a standard for cables and connectors used to connect computers and peripherals.

Optical Disc

A storage medium that uses laser technology to read and write data, examples include CDs, DVDs, and Blu-ray discs.

Nonvolatile Memory

A type of computer memory that retains its data even when the device's power is turned off, such as flash memory or ROM.