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4 February, 06:55

Consolidated financial statements are prepared when a parent-subsidiary relationship exists in recognition of the accounting concept of A. Materiality. B. Entity. C. Verifiability. D. Going concern

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  1. 4 February, 07:00
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    The correct answer is letter "B": Entity.

    Explanation:

    The Accounting Entity principle or Economic Entity principle states that a commonly co-owned group of businesses can entitle to be a single entity with the purpose to generate a consolidated financial statement. A business entity could be considered to be a sole proprietorship, partnership, or corporation.
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