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Generally Accepted Accounting Principles (GAAP) MCQs

What are "eliminating entries"?

Accounting entries which hide negative items

Accounting entries made on purpose to reduce tax expense

Accounting entries made to reflect accruals

Accounting entries made to cancel out the duplication of accounting impact on the books of two consolidating companies

Answer

Correct Answer: Accounting entries made to cancel out the duplication of accounting impact on the books of two consolidating companies

Explanation:

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More Generally Accepted Accounting Principles (GAAP) MCQ Questions

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