Which of the following statements is incorrect?
A) consolidated profit arises only in relation to transactions with entities external to the group.
B) consolidated revenues are earned only from transactions with entities external to the group.
C) consolidated assets are recorded at the cost to the legal entity that owns them.
D) consolidated liabilities are obligations to entities external to the group.

Question

Quizplus · Accepted Answer

Consolidated assets are recorded at fair value, not at the cost to the legal entity that owns them.

Which of the Following Statements Is Incorrect