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Preparation of consolidated financial statements

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From the standpoint of accounting theory, which one of the following statements is the best one to support the preparation of consolidated financial statements?

a. in substance the companies are separate but in form the companies are one entity.
b. in substance the companies are one entity,but in form they are separate.
c. in substance and form the companies are one entity.
d. in substance and form the companies are separate entities.

 

Reference no: EM13259353

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