Which of the Following Statements Is Incorrect

question 48

Multiple Choice

Which of the following statements is incorrect?

• A) Where consolidated financial statements are prepared over a number of years, consolidation entries need to be made every time a consolidation worksheet is prepared.
• B) Consolidation adjusting entries affect the ledger accounts of the parent and subsidiaries.
• C) A consolidation worksheet is used to help the process of adding together the financial statements of the parent and its subsidiaries.
• D) There are no consolidated ledger accounts.

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Definitions:

Food Intolerance

An adverse physical reaction to certain foods, not involving the immune system, that can cause discomfort or illness.

Constipation

A common condition where a person experiences difficulty in evacuating bowels, often leading to infrequent or hard stool.

Lactose Intolerance

A condition where the body lacks the enzyme needed to digest lactose, leading to digestive issues after consuming dairy products.

Rectum

The final straight segment of the large intestine, ending at the anus, where feces are stored before elimination.