In APB No. 51 "Consolidated Financial Statements," the requirement for complete elimination of intercompany profit (gains) or losses is consistent with the:

Question

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The requirement for complete elimination of intercompany profit (gains) or losses is consistent with the economic unit concept of consolidated financial statements, as this concept views the parent and its subsidiaries as a single economic entity, necessitating the elimination of all intercompany transactions to avoid double counting.

In APB No