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The process of preparing consolidated financial statements requires that: A. adjusting journal entries be recorded in the ledger accounts of the subsidiaries only. B. no
The process of preparing consolidated financial statements requires that:
A. | adjusting journal entries be recorded in the ledger accounts of the subsidiaries only.
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B. | no adjustments be made to the individual financial statements or ledger accounts of the entities in the group.
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C. | accruals of expenses and revenues be recorded directly into the retained earnings account of the parent entity.
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D. | adjusting journal entries be recorded in the ledger accounts of the parent only. |
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