When multilevel affiliations exist, explain why it is generally best to prepare consolidated financial statements by completing

Question:

When multilevel affiliations exist, explain why it is generally best to prepare consolidated by completing the elimination entries for companies furthest from parent company ownership first and completing the elimination entries for those owned directly by the parent company last.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...