Universal Exports has several crates it needs to send from the United Kingdom to North Korea. They have located a firm that specializes in transferring cargo to the actual carrier that will bring the crates into North Korea

A company acquires a subsidiary and will prepare consolidated financial statements for external reporting purposes. For internal reporting purposes, the company has decided to apply the equity method. Why might the company have made this decision?

A. Operating results appearing on the parent's financial records reflect consolidated totals. B. GAAP now requires the use of this particular method for internal reporting purposes. C. Consolidation is not required when the parent uses the equity method. D. It is a relatively easy method to apply.

A foreign limited partnership is one that was formed in a different state

Indicate whether the statement is true or false