A subsidiary is an entity that: Select one: a. Has the power to control a parent entity. b. Has significant influence over a parent entity. c. Exercises control over a parent entity. d. Is controlled by another entity
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- Which of the following best indicates that two parties are related for purposes of PAS 24? The parties are a parent and a subsidiary One party is larger than the other. One party has the ability to affect the financial and operating decisions of the other party through control, significant influence or joint control One party is in the private sector and the other is a government regulatory body.The economic entity assumption requires that the activities Select one: a. of a sole proprietorship cannot be distinguished from the personal economic events of its owners. b.of an entity be kept separate from the activities of its owner. c. of different entities can be combined if all the entities are corporations. d.must be reported to the Securities and Exchange Commission.Critically discuss [you are expected to understand whether a subsidiary is the alter ego of the parent company, or whether to treat a group of ompanies as one single economic entity.
- Consolidation financial statements are prepared when a parent-subsidiary relationship exists in recognition of the accounting principle concept of: a. Reliability b. Entity c. Materiality d. Going Concern1. PAS 28 defines an ‘associate’ as Choices An entity that controls one or more entities. An entity over which the investor has significant influence. A joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. An entity that is controlled by another entity. 2. In accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss? Choices None of these. Reclassification of financial assets out of the FVTOCI measurement category to FVTPL. Reclassification of financial assets out of the amortized cost measurement category to FVTPL. Reclassification of financial assets out of the FVTPL measurement category.A "group" for consolidation purposes is Group of answer choices An entity, including an unincorporated entity such as partnership, that is controlled by another entity. An entity that obtains control over entities or businesses. An entity that has one or more subsidiaries. A parent and all of the subsidiaries.
- what are intra-entity transfers? How do you treat intra-entity transfers while consolidating the financial statements of a parent company and its subsidiary?. Discuss with suitable examples.The difference between subsidiaries and associates can be said to revolve aroundpower and control. Critically evaluate this statement, giving examples of when a parent company would consider investing in either a subsidiary or an associate.Consolidated financial statements are required in which ofthe following situations?a. Only when a company can exert significant influenceover another company.b. Only when a company has a passive investment inanother company.c. Only when a parent company can exercise control overits subsidiary.d. None of the above.
- ________ are a portion of the ownership of a company or cooperation.Consolidated financial statements are designed to provide: a. informative information to all shareholders. b. the results of operations, cash flow, and the balance sheet in an understandable and informative manner for creditors. c. the results of operations, cash flow, and the balance sheet as if the parent and subsidiary were a single entity. d. subsidiary information for the subsidiary shareholders.Explain what the separate entity assumption means whenit says a business is treated as separate from its owners foraccounting purposes