In its conceptual framework, the FASB set out a number of principles to be adhered to in standard setting and in interpreting financial statements. The decision to require a consolidated statement, rather than separate financial statements, for a parent firm and its subsidiary best illustrates which of the following principles or concepts?
A) periodiocity
b) going concern
c) materiality
d) economic entity
Answer: d) economic entity
Business
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What will be an ideal response?
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Which of the following helps explain why Maslow's higher-order needs are generally not very high on most Mexican workers' lists of needs?
A) an absence of free trade zones in the country B) a low regard for family and personal relationships C) a relatively low standard of living for most workers D) a high rate of absenteeism in the maquiladoras
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