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Why is consolidation of financial statements required per GAAP? a. To present financial statements of...

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Accounting

Why is consolidation of financial statements required per GAAP?

a.

To present financial statements of an economic entity (parent, subsidiaries and variable interest entities) to inform decisions of investors, creditors and other users.

b.

To be compliant with international standards.

c.

To include intra-entity transactions between the parent and affiliated companies.

d.

To fulfill the requirement of the Fed.

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