Which of the following accounts CANNOT be altered by a consolidation adjusting entry?a.Accounts receivableb.Income tax payablec.Deferred tax assetd.Revenue
Question
Solution 1
The answer is d. Revenue.
Here's why:
a. Accounts Receivable: This account can be altered by a consolidation adjusting entry. For example, if a parent company sells goods to a subsidiary, the parent company will record this as a sale and increase its accounts receivable. However, during consolida Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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