A single set of financial statements that combines the separate sets of financial statements for all entities within an economic entity, is known as:
A) a concise financial report.
B) a condensed financial report.
C) combined financial statements.
D) consolidated financial statements.

Question

Quizplus · Accepted Answer

The question describes consolidated financial statements, where financial information from multiple entities within an economic entity is combined into a single set of financial statements. Choices A and B (concise and condensed financial reports) do not accurately describe this process, and choice C (combined financial statements) is not as specific as consolidated financial statements.

A Single Set of Financial Statements That Combines the Separate