The annual report for DaimlerChrysler includes the statement that intercompany accounts and transactions have been eliminated in

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The annual report for DaimlerChrysler includes the statement that "intercompany accounts and transactions have been eliminated in consolidation." In your own words, explain the meaning of this statement.

Why is it necessary to eliminate all intercompany accounts and transactions in consolidation?

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Financial Accounting

ISBN: 9780070891739

1st Canadian Edition

Authors: Robert Libby

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