Why do we need to pass the consolidation elimination entry every time we prepare a consolidated financial statement
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Why do we need to pass the consolidation elimination entry every time we prepare a consolidated financial statement
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- Why do we need to pass the consolidation elimination entry everytime we prepare a consolidated financial statement?Why must the eliminating entries be entered in the consolidation worksheet each time consolidated statements are prepared?How is the beginning-of-period non-controlling interest balance determined?How is the end-of-period non-controlling interest balance determined? Provide an example.Argue that donated assets should not be reported in company’s balance sheet. Base your arguments on the conceptual framework.
- Derecognition is the removal of all or part of a recognised asset or liability from an entity’s statement of financial position in accordance with the Conceptual Framework 2018. The above aim is to normally achieve derecognising via the following below statements: Which of the statements as mentioned below is NOT correct to achieve the above aim? 1) Derecognizing any assets or liabilities transferred, consumed, collected, fulfilled or expired 2) Derecognizing any resultant income or expense 3) Recognizing any resultant income or expense 4) Continuing to recognize assets or liabilities retained (2)Bring out the difference between two methods of Accounting for Amalgamation.Explain how the revenue recognition principle supports the elimination of intercompany transactions when preparing consolidated financial statements
- What amount of pre-acquisition earnings is eliminated in the acquisition date worksheet elimination?In preparing combined financial statements, which of the following accounts are eliminated in the combining process? Branch Income or Loss: NO Home Office Capital: YES Branch Income or Loss: YES Home Office Capital: NO Branch Income or Loss: NO Home Office Capital: NO Branch Income or Loss : YES Home Office Capital: YESPrepare the worksheet for preparing a consolidated statement of financial position on the date of acquisition. You may add accounts to the worksheet that may be necessary.
- In a consolidated statements workpaper, which items are carried forward from one section to another? Select one: a. The total of the income section to the retained earnings section and then the total of the retained earnings section to the balance sheet section. b. The eliminations must balance for each section in order to carry them forward. c. Parents retained earnings, but not Subsidiary d. Each section on the workpaper is separate, so no numbers are carried forwardPrepare the worksheet for consolidation purposes (Debit, Credit, Consolidated Amount)What is your perspective on the implication for consolidated group accounts?