The consolidation worksheet entries have an impact on:
A) the consolidated financial statements.
B) the individual statement of the parent.
C) the individual statement of the subsidiaries.
D) the individual statements of the parent and its subsidiaries.

Question

Quizplus · Accepted Answer

The consolidation worksheet entries are used to eliminate intercompany transactions and balances between the parent and its subsidiaries in order to create the consolidated financial statements. Therefore, the entries have an impact on the consolidated financial statements, but not on the individual statements of the parent or its subsidiaries.

The Consolidation Worksheet Entries Have an Impact On