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Question 1: Which of the following is correct with respect to the reason intercompany transactions need to be eliminated in preparing consolidated financial statements?
Option a) Because the parent and subsidiary have not recorded the impact of these intercompany transactions on their own separate entity financial statements; thus, the financial statements must be adjusted on consolidation.
Option b) Because the parent and subsidiary are viewed as one economic unit.
Option c) Because the parent's and subsidiary's separate entity financial statements need to be adjusted to reflect the non-controlling interest on consolidation.
Option d) Because the parent and subsidiary need to maintain their separate entity financial statements.
Financial Statement Analysis and Preparation
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