Which of the following is true about inter-entity sales of inventory? a. Companies in an economic entity may increase the level of consolidated sales reported by selling inventory between themselves. b. Transactions of inventory between entities that form an economic group should be eliminated in proportion to the level of control between the parent entity and the subsidiary entity. Oc. If we simply aggregate the sales of the parent and subsidiary companies, without adjustment, when there have been intragroup sales, total income would be overstated. Od. The value of inventory in an inter-entity sale should be re-measured to fair value and the adjustment to be recorded as consolidation income/loss. e. All of the above

Which of the following is true about inter-entity sales of inventory? a. Companies in an economic entity may increase the level of consolidated sales reported by selling inventory between themselves. b. Transactions of inventory between entities that form an economic group should be eliminated in proportion to the level of control between the parent entity and the subsidiary entity. Oc. If we simply aggregate the sales of the parent and subsidiary companies, without adjustment, when there have been intragroup sales, total income would be overstated. Od. The value of inventory in an inter-entity sale should be re-measured to fair value and the adjustment to be recorded as consolidation income/loss. e. All of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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