8. Which of the following statements regarding consolidated financial statements is correct? Ca. For consolidation, it may be acceptable to use financial statements of the subsidiary where the yearend differs from the parent by 2 months b. (a) All companies within a group must have the same year end (a) All companies within a group must have the same year end (a) All companies within a group must have the same year end All companies within a group must have the same year end For consolidation, all companies within the group must have the same accounting policy in their individual financial statements The profit made on all intra-group sales in the year must be removed from the consolidated financial statements Ce. All of the above 9. Consolidated financial statements are presented on the basis that the companies within the group are treated as if they are a single economic entity Which TWO of the following are requirements of preparing consolidated financial statements? All subsidiaries must adopt the accounting policies of the parent in their individual financial statements b. Subsidiaries with activities which are substantially different to the activities of other members of the group should not be consolidated All assets and liabilities of subsidiaries should be included at fair value d. Unrealized profits from the group must be eliminated from the consolidated financial statements