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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Consolidated financial statements are required:

a. only when 100% of the common stock of another corporation is owned.

b. when over 50% of the common stock of another corporation is owned.

c. only when significant influence or control can be exerted over another company

d. whenever the commons stock of another corporation is owned.

To determine

The Circumstance when the consolidated financial statement is to be prepared.

Explanation

Consolidated financial statements 

These are defined as the "Financial statements  of a group in which the liabilities, assets, income, equity, cash flows and expenses of the subsidiaries and the parent company are presented as those of a single economic entity"

So, the consolidated financial statements are required when over 50% of the common stock of another corporation is owned...

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