Which of the following pertaining to Consolidated Financial Statements is correct? A. The preparation of Consolidated Financial Statements means that the companies involved cease to operate as separate legal entities. B. The preparation of Consolidated Financial Statements is at the Parent Company's discretion. C. When one company has control over another, Consolidated Financial Statements must be prepared for the combined entity. D. Before preparing Consolidated Financial Statements, a subsidiary's Financial Statements prior to the date of acquisition must be restated.

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.