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Advantages of preparing consolidated financial statements? Consolidation Principles and Investments - Majority-owned, controlled subsidiaries are consolidated. The equity method is used to account for investments in affiliates in which the company exerts significant influence, generally having a 20 to 50 percent ownership interest. The company also uses the equity method for its 50.1 percent and 57.1 percent non-controlling interests in Petrozuata C.A. and Hamaca Holding LLC, respectively, located in Venezuela because the minority shareholders have substantive participating rights, under which all substantive operating decisions (e.g., annual budgets, major financings, selection of senior operating management, etc.) require joint approvals. Undivided interests in oil and gas joint ventures, pipelines, natural gas plants, certain transportation assets and Canadian Syncrude mining operations are consolidated on a proportionate basis. Other securities and investments, excluding marketable securities, are generally carried at cost. Shacnii Ms. Asma
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A journal is not useful for?
preparing financial statements.
What is the sequence for preparing financial statements?
1st: Income statement 2nd:Owner's equity statement 3rd:Balance sheet 4th:Statement of cash flows
Distinguish between cost accounting and financial accounting?
Financial accounting is the process of preparing financial statements using data and figures. Cost accounting is similar but you look for alternative ways to figure these figures and data.
Duties and responsibilities of senior accountant?
Senior accountants have a number of duties and responsibilities. The are responsible for preparing financial statements, analyzing financial information, and supporting the closing process at the end of every month.
Duties of financial accountant?
Financial accountants are responsible for preparing monthly, quarterly, and yearly statements based on the company data. They also prepare company budgets and are aware of any tax filing requirements.
What is meant by consolidated profit and loss?
When there is a parent and subsidiary companies exists in that situation the combined financial information of parent company as well as subsidiary companies are shown under one statment which are called consolidated financial statements so in consolidated profit and loss account combined information of both parent and subsidiaries shown together rather preparing separate statements.
A journal is not useful for?
preparing financial statements.
Who is responsible for preparing financial statements?
Director's
What is meant by profit and loss?
When there is a parent and subsidiary companies exists in that situation the combined financial information of parent company as well as subsidiary companies are shown under one statment which are called consolidated financial statements so in consolidated profit and loss account combined information of both parent and subsidiaries shown together rather preparing separate statements.
The cost principle is the basis for preparing financial statements because it is?
The cost principles is the basis for preparing financial statements because it is? B. Relevant and objectively measured, and verified.
There is really no benefit in preparing financial statements in any particular order?
false
Preparing personal financial statements is part of which of the five steps of the financial planning process?
B. Analyse your current financial position
Explain how fundamental accounting concepts are used in preparing financial statements?
explain using various example, how the major accounting concepts are used in preparing financial statement??
Would it be advisable to allow businesses some flexibility or creativity in preparing financial statements?
no
What is accounting assumption?
accounting assumptions provide a foundation for recording the transactions and preparing the financial statements there from.
Updating accrual accounting records prior to preparing financial statements is called?
closing process
Who is primarily responsible for presenting financial statement information?
Management is initially responsible for preparing financial statements and auditors are responsible for reasonable assurance
