Which of the following statements is not correct?
A) A group comprises a parent and all of its subsidiaries.
B) Consolidated financial statements are financial statements of a group of entities presented as if that group was acting as a single economic entity.
C) A subsidiary is an entity that is controlled by another entity.
D) A parent is an entity that has more than one subsidiary.

Question

Quizplus · Accepted Answer

A parent entity does not need to have more than one subsidiary to be considered a parent. It can have just one subsidiary and still be considered a parent entity.

Which of the Following Statements Is Not Correct