The 2000 annual report of Merchant Corporation included the following statement in its summary of significant accounting

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The 2000 annual report of Merchant Corporation included the following statement in its summary of significant accounting policies: "Principles applied in consolidation. Majority-owned subsidiaries are consolidated, except for leasing and finance companies and those subsidiaries not considered to be material." What accounting rule does this practice violate, and why? Lo1

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Financial Accounting

ISBN: 9780618310746

8th Edition

Authors: Belverd E. Needles Jr,, Marian Powers

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