What are the major consolidation concepts?
A) entity, partnership and parent
B) equity, control and ownership
C) parent-entity, ownership and proprietary
D) entity, parent-entity and proprietary

Question

Quizplus · Accepted Answer

The major consolidation concepts are entity, parent-entity, and proprietary. "Entity" refers to the individual organization being consolidated, "parent-entity" refers to the consolidating company, and "proprietary" refers to the consolidated financial statements being reported as if they were those of a single entity. "Equity, control, and ownership" (B) are related concepts but not directly relevant to consolidation. "Partnership" (A) is not a consolidation concept, although it is a type of business relationship.

What Are the Major Consolidation Concepts