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Q. where one company has control over another company, consolidated financial statements presenting the group as one single entity are produced.
which accounting concept is being applied?
1. business entity,
2. substance over form
3. going concern
4. verifiability.substance over form.
We are prepared consolidated statements as though it is one big company, but in law there are two separate companies.
where one company has control over another company, consolidated financial statements presenting the group as one single entity are produced.
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