Which of the following statements is false?
A) Annual reports must include three-year audited balance sheets and two-year audited income statements.
B) The balance sheet is prepared on a particular date.
C) Interim statements are generally prepared quarterly.
D) When a parent company owns more than 50% of the voting stock of a subsidiary, the financial statements are consolidated for both entities.

Question

Quizplus · Accepted Answer

Annual reports must include three-year audited balance sheets and three-year audited income statements, not two-year audited income statements.

Which of the Following Statements Is False