Which of the following statements is incorrect?

Select one:

a.There are no consolidated ledger accounts.

b.Consolidation adjusting entries affect the ledger accounts of the parent and subsidiaries.

c.A consolidation worksheet is used to help the process of adding together the financial statements of the parent and its subsidiaries.

d.Where consolidated financial statements are prepared over a number of years, consolidation entries need to be made every time a consolidation worksheet is prepared.