Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 2 - Conceptual Framework for Financial Reporting - Brief Exercises - Page 70: BE2-7d

Answer

(d) General Electric- Economic entity

Work Step by Step

The economic entity assumption supports treating each enterprise as a distinct unit from its owners and also validates the use of consolidated statements as seen with General Electric.
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