If an Entity Presents Both Consolidated Financial Statements and Parent

question 11

Multiple Choice

If an entity presents both consolidated financial statements and parent entity financial statements in the same financial report, it must present:

• A) segment data only on the basis of the parent entity financial statements;
• B) segment data only on the basis of the consolidated financial statements;
• C) condensed segment data that includes revenue information only;
• D) segment information on the basis of both the consolidated and the parent financial information.

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Definitions:

Avoid Risks

A strategy or approach aimed at minimizing potential losses or negative outcomes by not engaging in actions that are perceived to carry risk.

Working in Teams

The collaborative effort of a group of people to achieve a common goal or complete a task in the most effective and efficient way.

Learned Needs

Needs that are acquired or developed over time as a result of life experiences, cultural exposure, or the influence of social interactions.

Achievement

The accomplishment of an aim or purpose, often associated with a sense of pride and fulfillment.