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Why companies consolidate their subsidiaries for financial reporting purposes?
Subsidiary companies are also part of group of companies so parent company is required to show the financial statements of group as a whole so that's why consolidated financial statements are prepared
When was The Politically Incorrect Parenting Show created?
The Politically Incorrect Parenting Show was created in 2010.
What is auditer report?
An audit report is an opinion that is written by an auditor to show if the financial statements are correct. The auditor will indicate if they state the true financial position of the company.
What does a personal balance sheet show you?
a personal balance sheet depicts your financial position or worth.Thus what you own and owe.
Why are companies required to prepare a statement of cash flows and what is its significance in financial reporting?
Companies are required to prepare a statement of cash flows to show how cash is generated and used in their operations. This statement is significant in financial reporting because it provides insights into a company's liquidity, operating activities, and ability to meet financial obligations.
Give an example for the need for accounting?
The basic need for accounting is to keep track the transactions of the individual / company, and to show the financial performance / position of the individual / company for a certain period / as at a position.
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 are the objectives of internal reconstruction?
1)To write-off accumulated losses.2) To show true and fair view of financial position of the comapny.
Impontance of balance sheet and profit and loss statement?
balance sheet show the financial position of the any business entity from beginning to up to date.
What is the difference between provisional balance sheet and estimated balance sheet?
Provisional balance sheets are used by companies to prepare for financial audits. An estimated balance sheet is used by companies to show projected growth for investors.
What is a ballance sheet?
ballance sheet is to gave information about asset,liability,and capital(owner equity is called ballance sheet. or: show the financial position in a particular period.
Why are assets not legally owned shown on the financial statement?
Financial statements of companies requires to show only assets or liability legally owned by company so those assets or liabilities which legally not owned is not company's assets or liabilities that's why not shown.
