A single set of financial statements,that combines the separate sets of financial statements for a number of entities,which are managed as a single economic entity,is known as:
A)a concise financial report
B)a condensed financial report
C)new entity financial statements
D)consolidated financial statements.

Question

Quizplus · Accepted Answer

Consolidated financial statements are used to combine the financial statements of multiple entities that are managed as a single economic entity. This is done to provide a more accurate representation of the financial position and performance of the group as a whole. A concise or condensed financial report typically refers to a shorter or summarized version of the financial statements, while new entity financial statements would only be applicable if a new entity is formed.

A Single Set of Financial Statements,that Combines the Separate Sets