Question

Financial statements in which financial data for two or more companies are combined as a single entity are called a.audited statements b.conventional statements c.consolidated statements d.constitutional statements

Answer 1

Answer:

c.consolidated statements

Explanation:

Financial statements to two or more companies are consolidated in one set to show the collective financial performance and position of the companies. Some of the adjustments are required in order to combine the financial data. This process is called the consolidation and the financial statements are called consolidated financial statements.

All the financial statements are the consolidated Income statement, Balance sheet etc.