What are consolidated accounts?
A)another name for ledger accounts.
B)prepared by the parent company for a group of companies.
C)are an amalgamation of a set of accounts for a group of companies as if the group was a single entity.
D)Both B and C.

Question

Quizplus · Accepted Answer

Consolidated accounts are prepared by the parent company for a group of companies in order to present their financial statements as if they were a single entity. This involves combining the financial data of all the entities under a common control in order to give a true and fair view of the group's financial position and performance. Hence, option D (Both B and C) is the best choice.

What Are Consolidated Accounts