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The Personal Financial Statement can be used to organize information about your assets and liabilities, and also to present information about your income and expenses. This statement can be useful if you are applying for credit and can either be used to present information to your lender or as an attachment to your credit application itself. Sometimes a financial statement is needed in working with a financial planner. You might also use it when preparing college financial aid documents for a child.
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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 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.
What are the combined financial statement of a parent company and its subsidiaries is what?
The combined financial statements of a parent company and its subsidiaries are known as consolidated financial statements. These statements present the financial position and results of operations of the entire corporate group as a single entity, eliminating intercompany transactions and balances to provide a clear view of the group's overall financial health. Consolidated financial statements typically include a consolidated balance sheet, income statement, and cash flow statement. They are essential for stakeholders to assess the performance and financial stability of the parent company and its subsidiaries collectively.
How will you entry income from subsidiary in income statement?
When there is a parent child relation available then consolidated income statement is prepared in which expenses and income of parent and subsidiary are shown in one single financial statement due to which net profit or loss for whole organization is shown.
The accounts used to collect information for a single accounting period are?
The accounts used to collect information for a single accounting period are typically organized into a set of financial statements, including the income statement, balance sheet, and cash flow statement. These accounts include revenues, expenses, assets, liabilities, and equity, which reflect the financial performance and position of a business during that period. The information collected is crucial for analyzing profitability, financial health, and cash management.
What is the goal of the Single Audit Act?
The goal of the SAA is that one audit can provide both a basis for an opinion on the recipient entity's financial statement and a basis for determining whether federal financial assistance program resources are being managed and controlled appropriately
Why the semicoloumn is used in c program?
Why semicolon? Tradition.What does it do? Terminates a single statement, eg:i+= 3; /* expression is a single statement */{ i= 3; --j; } /* no semicolon after the compound statement */
Does a single-member LLC need to have a business bank account?
Yes, a single-member LLC should have a separate business bank account to keep personal and business finances separate for legal and financial reasons.
What is the deffernce of the switch statement and the if statement in c plus plus?
If statement is single selection statement,whereas the switch statement is multiple selective.
How do you find out your personal financial need amount to be received from Canada Saskatchewan student loans-how to receive maximum as single parent with 1 dependent?
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What is statement and blocks?
A statement is a single instruction in a language; a block is a group of instructions.
Difference between balance sheet and consolidated balance sheet?
Simple balance sheet provides information of one single company only while consolidated balance sheet provides the information of parent as well as child company as a single financial statement.
