Which of the following statements is incorrect?
A)a single unit,or group,is often referred to as an "equitable entity"
B)the process of consolidation involves adding together the accounts of the controlling entity and the entities being controlled,after eliminating any intragroup shareholdings and intragroup transactions.
C)consolidated accounts provide the operating results and financial position of the entities as a single unit in their trading and dealings with entities outside the group.
D)a single unit,or group,is often referred to as an "economic entity"

Question

Quizplus · Accepted Answer

The term "equitable entity" is not a commonly used term in accounting and finance. The correct term is "economic entity" which refers to a single unit or group that is viewed as a separate entity from its owners or members.

Which of the Following Statements Is Incorrect