The purpose of consolidated accounts are as follows except:   Show obligations of the group Show obligations of the subsidiary Show the results the group achievs with its resourses Show the economic resources controlled by the group

Q: Describe the difference between the economic entity concept and the parent company concept…

A: The concept of economic entity explains that the finances of an entity should be kept separate or…

Q: What is your perspective on the implication for consolidated group accounts?

A: Introduction: A parent business and all of its affiliates make up a consolidated group. A…

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: consolidated statements of operations same as consolidated income statements

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

Q: PART B-70% Acquisition Paron Co & its subsidiary Consolidated statements of financial position As at…

A: Investment in Associates and Joint venture and Subsidiary Equity Accounting method - This method is…

Q: How are intra-entity inventory transfers treated on the consolidation worksheet and how are they…

A: Intra entity transfer means the sale and purchase of inventory between 2 entities of the same group.

Q: If the entity is using the equity method to account for investment in subsidiary, the entry to…

A: Solution: Under equity method of accounting, investment is recognized at cost, then share is income…

Q: How is the goodwill appearing on the statement of the financial position for a subsidiary prior to a…

A: The business combination can be a part of corporate restructuring and which is carried out to…

Q: Discuss how the consolidated financial statements reflect: (a) The "single economic entity" concept.…

A: Consolidated financial statements are statements that are prepared for combination of parent company…

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

A: The consolidated financial statement required the adjustment of unrealized gains in the transactions…

Q: How is the amount assigned to the non-controlling interest normally determined when a consolidated…

A:

Q: How are accounts payable treated to compute the net worth of abusiness entity

A: Answer:- Accounts payable meaning:- Accounts payable is an obligation owed to one creditor…

Q: Consolidated financial statements are the financial statements of a group in which the assets,…

A: As per IAS 27, Consolidated Financial Statements are the financial statements of a group in which…

Q: If a company prepares a consolidated income statement, IFRS requires that net income be reported O…

A: Consolidated income statement includes all the expenses and incomes of both parent company and…

Q: The identifiable assets acquired and liabilities assumed in a business combination are generally…

A: Consolidation: It can be defined as the process of combining or acquiring many smaller corporations…

Q: intercompany transactions and debts should be treated for consolidation purposes

A: Intercompany transactions and debts in consolidation means the transactions and mutual dues between…

Q: what are intra-entity transfers? How do you treat intra-entity transfers while consolidating the…

A: Intra-entity transfers are transactions involving two or more entities that are a part of the same…

Q: entity that is represented by a single set of consolidated financial statements

A: Option a is wrong because economic entity is a distinct entity that does not require consolidated…

Q: Consolidation financial statements are prepared when a parent-subsidiary relationship exists in…

A: Financial statements show the financial performance/position of the business entity. It is prepared…

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.