When a subsidiary is not consolidated, it is accounted for as an investment on the parent's balance sheet.

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True

False

With the expansion of international business and global capital markets, the business community and governments have shown a decreased interest in the harmonization of international accounting standards.

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True

False

Generally accepted accounting principles and the Internal Revenue Code of tax law require that the same depreciation method be used for both the financial statements and the federal tax return.

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True

False