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Generally Accepted Accounting Principles (GAAP) MCQs

What is the purpose of consolidating financial statements?

It hides the individual mistakes of different divisions.

It reduces the tax burden of the corporation.

It allows stockholders and investors to see the financial health of a company and all its divisions and subsidiary companies in one financial statement.

It shows investors how much was spent on total salaries.

Answer

Correct Answer: It allows stockholders and investors to see the financial health of a company and all its divisions and subsidiary companies in one financial statement.

Explanation:

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More Generally Accepted Accounting Principles (GAAP) MCQ Questions

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