Financial statements in which financial data for two or more companies are combined as a single entity are called

A) conventional statements
B) consolidated statements
C) audited statements
D) constitutional statements

Question

Heather Diefenbach · Accepted Answer

Final Answer : B, Explanation :  Consolidated statements combine the financial data of two or more companies as a single entity. This is common in cases where one company owns or controls another company and wants to present a combined view of their financial performance. Conventional statements simply refer to the traditional financial statements (such as income statement, balance sheet, and cash flow statement) prepared for a single company. Audited statements refer to financial statements that have been reviewed and verified by an independent auditor. Constitutional statements do not exist in accounting terminology.

Financial statements in which financial data for two or more companies are combined as a single entity are called

A) conventional statements
B) consolidated statements
C) audited statements
D) constitutional statements

Definitions

Learning Objectives

Learning Objectives

Related questions

Financial statements in which financial data for two or more companies are combined as a single entity are calledA) conventional statementsB) consolidated statementsC) audited statementsD) constitutional statements

Definitions

Learning Objectives

Learning Objectives

Related questions

Financial statements in which financial data for two or more companies are combined as a single entity are called

A) conventional statements
B) consolidated statements
C) audited statements
D) constitutional statements