Consolidated financial statements are: I. The financial statements of a group presented as those of a single economic entity. II. Those presented by parent, an investor in an associate or a venturer in jointly controlled entity, in which the investment are accounted for on the basis of the direct equity interest rather than on the basis of the reported results and net assets of the investee. A. I only B. II only C. Neither I or II D. Both I and II

Q: Which of the following characteristics of a corporation limits a stockholders losses to the amount…

A: The stockholders will share loss of corporation.

Q: When two or more investors exercise joint control over an investee, the investors must use the…

A: True. When two or more investors exercise joint control over an investee, the equity method of…

Q: The consolidated statement of changes in equity is prepared by consolidating the separate statements…

A: Consolidated Statement of Changes in Equity is the statement prepared to record changes in equity in…

Q: When preparing the consolidated financial statements, which of the following should be deducted from…

A: Consolidated financial statements are the "financial statements of a gaggle within which the assets,…

Q: 7. Intercompany debt that must be eliminated from consolidated financial statements may result from:…

A: Intercompany debts are eliminated from the consolidated financial statements.  Intercompany…

Q: A entity's policy regarding which short-term, highly liquid investments it classihes as cast…

A: question is about A entity's policy regarding which short-term, highly liquid investments it…

Q: the consolidated statement of changes in equity is prepared by consolidating the separate statements…

A: Answer:- Statement of change in equity:- The balance of shareholder equity at closing and opening is…

Q: Wnen presenting a consolidated statement of financial position, the non-controlling interest is:

A: Non-controlling interest is also sometimes written as NCI. It arises when someone holds less than…

Q: What is a noncontrolling interest? Select one: A. A component of debt representing amounts owed to a…

A: When a company holds less than 50% stake in another company then that part of holding is known as…

Q: The parent company records its share of subsidiary’s income by A. Crediting Investment in Subsidiary…

A: The value strategy is a bookkeeping procedure utilized by an organization to record the benefits…

Q: How can the separate entity concept benefit each of the ff: A. creditors B. consumers  C.…

A: This concept of accounting means that the owners of business need to ensure that it records…

Q: Which of the following should appear in consolidated financial statements? a. All intercompany…

A: Lets understand the basics. Consolidation is a combining two or more figures into one number. In…

Q: In a jointly controlled operation, which of the following situations occur? Select one: a. There is…

A: Introduction- Jointly controlled operation ,means  two or more venturers combine their operations,…

Q: Investments in associates must be included in separate financial statements that a corporation…

A: One of the most important financial entities in the economy is the banking sector. They mostly take…

Q: Which consolidation method should be used in preparing consolidated financial statements in…

A: To achieve the objective of having common accounting language all over the world, The International…

Q: Which business entity could O A. a sole proprietorship O B. a partnership O C. a limited liability…

A: When a group of people with a shared objective form a corporation, it is known as a corporation.…

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.