question archive When there are intercompany sales of inventory during the year and a three-part consolidation worksheet is prepared, elimination entries related to the intercompany sales: Always are needed

When there are intercompany sales of inventory during the year and a three-part consolidation worksheet is prepared, elimination entries related to the intercompany sales: Always are needed

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When there are intercompany sales of inventory during the year and a three-part consolidation worksheet is prepared, elimination entries related to the intercompany sales:

    1. Always are needed.
    2. Are not needed if the entire inventory is resold to unrelated parties prior to the end of the year.
  2. I
  3. II
  4. Both I and II
  5. Either I or II

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Answer:

A .

Explanation

There is always a need to eliminate the entries, which are related to the intercompany sales.

 

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