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To understand the position of the group as a whole and also the inter flow of funds between parent and subsidiary companies.
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What is a consolidated financial statement?
it is combined statement of parent company and subsidary company
What is the difference between consolidated and parent entities?
The main difference between consolidated and parent entities is that consolidated financial statements show the activities of the parent company and all of its subsidiaries. A stand alone, or parent financial statement, treats each subsidiary as a a separate entity.
What was the achieved aim of the Federal Financial Management Act of 1994?
the Federal Financial Management Act of 1994 extended the scope of the CFO Act by requiring agency-wide financial statements and a consolidated government-wide financial statement
What is the formula for consolidation balance sheet?
There is no simple formula for consolidated balance sheet but in consolidated balance sheet all assets and liabilities of parent and child companies are joint together to show in one financial statement.
Consolidated income statement?
Consolidated income statement is that statement in which expenses and incomes of subsidiary as well as parents companies shown as a joint in one single income statement.
A combined financial statement of a parent company and its subsidiaries is called?
a consolidated financial statement
A combined statement of a parent company and its subsidiary is called?
a consolidated financial statement
What is a consolidated financial statement?
it is combined statement of parent company and subsidary company
Provide sample notes that accompany consolidated financial statement?
provide sample accountant accompanying notes to consolidated financial statements
What is the g0al of a consolidated balance sheet?
1. Goal of consolidated financial statement is to combine the financial statement of parent as well as child companies as a one set of financial statement to show the overall performance of company rather showing separate financial statements for every company.
What is the difference between consolidated and parent company statements?
Comparative financial statements compares one set of financial statement with another set of financial statements while consolidated financial statement is prepared where in company there is parent and child company relationship exists to join the financial statements of parent and child company as a single financial statements.
How should nonconsolidated subsidiaries be reported in consolidated financial statements?
Nonconsolidated subsidiaries are expected to be relatively rare. In those situations where a subsidiary is not consolidated, the investment in the subsidiary should be reported in the consolidated statement of financial position at cost, along with other long-term investments.
What is the difference between consolidated and parent entities?
The main difference between consolidated and parent entities is that consolidated financial statements show the activities of the parent company and all of its subsidiaries. A stand alone, or parent financial statement, treats each subsidiary as a a separate entity.
How do consolidated financial statement differ from the financial of a single company?
Because consolidation is consolidation (meaning more than one company), the parent or majority company (50.01%) must integrate the financial details of the subsidiary company with its own. Often times the subsidiary has its own statement. This is very complex and takes time to explain. There are new rules for this and is discussed in Advanced Accounting courses. One must note that even if consolidated some of these companies are still publicly traded and managed by others not under the thumb of the parent company.
What was the achieved aim of the Federal Financial Management Act of 1994?
the Federal Financial Management Act of 1994 extended the scope of the CFO Act by requiring agency-wide financial statements and a consolidated government-wide financial statement
What is the formula for consolidation balance sheet?
There is no simple formula for consolidated balance sheet but in consolidated balance sheet all assets and liabilities of parent and child companies are joint together to show in one financial statement.
Consolidated income statement?
Consolidated income statement is that statement in which expenses and incomes of subsidiary as well as parents companies shown as a joint in one single income statement.
