Q.N.1 Which of the following statements is incorrect?

Select one:

Where consolidated financial statements are prepared over a number of years,

consolidation entries need to be made every time a consolidation worksheet is

prepared

Consolidation adjusting entries affect the ledger accounts of the parent and

subsidiaries

There are no consolidated ledger accounts

A consolidation worksheet is used to help the process of adding together the

financial statements of the parent and its subsidiaries