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Q.N.1 Which of the following statements is incorrect?
Select one:
Where consolidated financial statements are prepared over a number of years,
consolidation entries need to be made every time a consolidation worksheet is
prepared
Consolidation adjusting entries affect the ledger accounts of the parent and
subsidiaries
There are no consolidated ledger accounts
A consolidation worksheet is used to help the process of adding together the
financial statements of the parent and its subsidiaries
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