Consolidated accounts are:
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 a parent company for a group of companies and are an amalgamation of a set of accounts for a group of companies as if the group was a single entity. Therefore, both option B and C are correct. Option A is incorrect as consolidated accounts are not the same as ledger accounts.

Consolidated Accounts Are