Where the Financial Statements of a Subsidiary Are as of a Date

question 16

Multiple Choice

Where the financial statements of a subsidiary are as of a date that differs from that of the parent, the group must disclose:

• A) the date used by the subsidiary.
• B) the reason for the subsidiary using a different date.
• C) both the date used by the subsidiary as well as the reason for the subsidiary using a different date.
• D) the reason for the parent using a different date.

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Definitions:

Aswan Dam Project

Refers to the construction of two dams on the Nile River in Egypt, with the most notable being the Aswan High Dam, which was completed in 1970 to control floods, provide increased water storage for irrigation, and generate hydroelectric power.

Neutrality

The state or position of not supporting or helping either side in a conflict, disagreement, etc., particularly in the context of countries during wartime.

People's Republic of China

A sovereign state in East Asia, established in 1949, governed by the Communist Party of China, with Beijing as its capital.

United States Policy

A set of principles, plans, and actions formulated and adopted by the U.S. government to achieve national objectives.