Consolidated financial statements are the financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are:    a. presented separately in the same financial report.  b. presented as if those of a single economic unit.  c. presented as a combined unit using simple addition.  d. presented as a secondary set of financial statements

Q: sophisticated equity method.

A: Subsidiary Account A subsidiary account is a ledger account that is maintained within a subsidiary…

Q: Which of the following statements is true? O A. The financial information of an enterprise is…

A: The financial information of an entity is key in evaluating how the entity is performing as a whole…

Q: The profit or loss of the entity based from its current operation is required, under IAS 1…

A: Solution: Following are the four basic financial statements of the company: 1. Statement of…

Q: According to IASI, the objective of general purpose financial statements is "to provide information…

A: The financial statements are the statements that represent the financial position of the company.…

Q: A basic principle of accounting that requires activities of an entity be kept separate from the…

A: The principles of accounting, also known as Generally Accepted Accounting Principles (GAAP). It…

Q: Describe how the consolidated process tends to disguise information needed to analyze the financial…

A: The act of integrating a parent company's financial statements with those of its subsidiaries to…

Q: A parent company is required to prepare consolidated financial statement for the group according to…

A: Consolidation is the process of combining the financial statements of a parent company and its…

Q: A balance sheet does not: Select one: a. All of the above O b. Present revenues and expenses of an…

A: Following is the answer to given question

Q: When considering the interrelations of financial statements, name two specific financial statements…

A: Financial statements are comprehensive reports that provide a summary of a company's financial…

Q: All of the following terms can be used for a corporation to describe the difference between assets…

A: The balance sheet represents the financial position of the business with assets, liabilities and…

Q: Which one of the following accounting concepts/conventions enables the business to make comparative…

A: Accounting is process of recording the monetary transactions occur during the financial year. It…

Q: When is a firm required to consolidate the financial statements of a VIE with its own financial…

A: VIE is Variable Interest Entity. This is a business structure that is designed to accomplish a…

Q: This is an analytical method by which comparative statements are presented as a means of determining…

A: Solution Explanation -  Horizontal or trend analysis = This is an analytical method by which…

Q: Comprehensive income a.is considered an appropriation of retained earnings. b.includes transactions…

A: Comprehensive Income: It includes realized income and unrealized income or losses that are arrived…

Q: Comparisons of financial data made within a company are called A) intercompany comparisons. B)…

A: Income statement: The income statement is one of the three primary financial statements used to…

Q: Compare and contrast the following terms as used in public sector accounting   1. Cash Basis of…

A: Accounting is the process which involves the recording of transactions, posting them into ledgers,…

Q: An entity shall present all items of income and expenses recognized in a period: I-in a single…

A: Profit and loss is a financial statement that helps in depicting the position of profitability of an…

Q: On a corporate income statement, income from continuing operations a. will exceed net income. b.…

A: Income from continued operations is the income which is calculated after subtracting operating and…

Q: consolidated statements of operations same as consolidated income statements

A: Consolidated income statement is the combined result of operations of parent and subsidiary…

Q: Which of the following are the three basic elements of the balance sheet of a corporation?

A: Accounting Equation: accounting equation is the basis of accounting which is Total Asset = Total…

Q: That a business may only report activities on financial statements that are specifically related…

A: Accounting concepts are those rules and regulations which are used for the purpose of accounting and…

Q: 9. The following statements are correct, except: a. Profit or loss is the total income less…

A: Profit & Loss A/c Statement is an important part of Accounting & used for the purpose to…

Q: The financial statements of an entity can be regarded as meaningful when OA. The statement of…

A: Financial statements are considered meaningful when they provide relevant financial information…

Q: According to IAS 39 Financial Instruments: Recognition and Measurement, at what amount should a…

A: IAS 39 is an Indian accounting standard which is related with the recognition and measurement of the…

Q: entity discontinued an operation and disposed of the discontinued operation the transaction should…

A: Discontinued Operations are a part of the company operation which have been discontinued or shut…

Q: Which of the following does IFRS 3 deal with? a) Consolidated accounts b) Equity accounting c)…

A: IFRS 3 is the standard for the accounting of business combinations like mergers, and acquisitions.

Q: Define each of the following terms:i. Holding company; operating company; parent company

A: Holding company and parent company are almost alike in nature as both holding and parent company own…

Q: Ratio Analysis is the process of identifying the financial strengths and weaknesses of the…

A: Ratio analysis is the technique through which a company can analyse the profitability, efficiency…

Q: What are the four sections of the codification?What is the codification number that addresses…

A: Step 1 Hello. Since your question has multiple parts, we will solve first question for you. If you…

Q: The four major financial statements of a corporation consist of the a. Income statement, balance…

A: Income statement, also called as the Profit and Loss statement, is a performance report which…

Q: Given the more common name and describe the purpose of   the Statement of Financial Position & the…

A: Ans. The financial statements of companies are prepared so that it is considered by the different…

Q: 41. Which of the following best describes "financial performance" of an entity ? The revenue,…

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: Consolidated financial statements are typically prepared when one company has A. a substantial…

A: Consolidated financial statements are prepared when a parent-subsidiary relationship exists. A…

Q: The statement of financial position usually reports the entity's financial position for both the…

A: IAS 1's goal is to provide a standard for the presentation of general purpose financial statements…

Q: To determine the amount of debt a corporation has, the user should examine: O A. Income statement B.…

A: Introduction: Financial statements: 1 ) Income statement 2 ) Cash flows statement 3 ) Balance sheet.

Q: As used in the definition of accounting, an economic entity may be a. a business enterprise b. an…

A: Answer is 'D'.  All of the above An economic entity may be a business enterprise or  an individual…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.