Answer:
In the preparation of consolidated financial statements, Transactions with affiliates sources of transactions should be eliminated .
What do affiliates mean in the law?
Various regulations pertaining to securities, business transactions, and the capital market define the term "affiliate." Affiliates are businesses that own a minority stake.
Any proposed merger or consolidation with, the acquisition of a stake in, or the acquisition of assets from an Affiliate—all of these are considered Affiliated Transactions—must be done outside the normal course of business.
What kind of affiliate would that be?
Selling someone else's product online in exchange for a commission is known as affiliate marketing. An established business or entrepreneur might, for instance, have a product or a library of products that can be digital or physical.
They give people the opportunity to market and sell such goods while paying a commission each time anything is sold.
Step-by-step explanation: