The entity that is represented by a single set of consolidated financial statements known as a consolidated financial report,is:
A)an economic entity
B)a parent entity
C)a subsidiary entity
D)a partnership.

Question

Quizplus · Accepted Answer

A consolidated financial report represents the financial position of an economic entity, which is comprised of the parent entity and its subsidiaries. The consolidated financial report provides a comprehensive view of the financial performance and health of the entire economic entity, rather than just the individual entities that make it up.

The Entity That Is Represented by a Single Set of Consolidated