Oracle Financial Consolidation and Close 2024 Implementation Professional Quiz 01 15Nov24 - Practice Quiz

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Question 1 of 30

A multinational corporation has two subsidiaries that frequently engage in intercompany sales. During the consolidation process, the financial team discovers that these transactions have significantly inflated both revenue and expenses in the individual financial statements. What is the most appropriate consolidation adjustment that should be made to rectify this situation?

Eliminate the intercompany sales and corresponding expenses from the consolidated financial statements.

Adjust the revenue recognition policies of both subsidiaries to align with the parent company's standards.

Reclassify the intercompany transactions as non-operating income to reflect their nature.

Increase the reported revenue of the subsidiaries to account for the intercompany sales that were previously omitted.

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