Which of the following is not a feature of the entity concept?
A)That the group is accounted for as a unit,and makes no distinction between shareholders
B)That the Consolidated financial statement is prepared to be primarily of use to the shareholders of the parent entity
C)Non-controlling interests are part of equity
D)Net comprehensive income includes the net income attributable to all shareholders

Question

Quizplus · Accepted Answer

The feature mentioned in option B is not related to the entity concept, but rather to the preparation of consolidated financial statements. The entity concept refers to the idea that a company is a separate legal entity from its owners or shareholders, and that financial statements should report the activities and financial position of the company as a whole, rather than just the shareholders' interests. Options A, C, and D all relate to the entity concept.

Which of the Following Is Not a Feature of the Entity