Answer with true or false. 1. The non-controlling interest is presented in the statement of financial position as an asset. 2. Foreign subsidiaries need not be consolidated in preparing the consolidated financial statements if they are reported as a separate operating group under segment reporting. 3. Consolidated financial statements is needed if the investor has significant influence over the investee company.

Q: 8. The New Wave Inn owned by Minty had the following assets, liabilities, and proprietor's capital a...

A: Capital: Capital means the net assets available to the owner after deducting all the liabilities fro...

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A: The expenditures spent throughout the production process, excluding direct labor and direct supplies...

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A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is recor...

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A: 1. Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of th...

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A: A T-account is a colloquial term for a set of financial records that employ double-entry bookkeeping...

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A: Activity based costing means where the product is valued on the basis of actual direct material , di...

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A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the org...

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A: solution concept periodic inventory system                 Under periodic system of inventory , the ...

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A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...

Q: Cash Beginning inventory Common stock Retained earnings $17, 600 17,630 (205 units 586) 15,600 19,63...

A: FIFO First in first out method is based on the assumption that the goods are received first and issu...

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A: Net Income: The amount of money earned by a person or corporation after subtracting expenses, allowa...

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A: Goodwill is an intangible property associated with the acquisition of one business by another. Goodw...

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A: Solution A Journal is an company's official book in which all business transactions are recorded in ...

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A: In mining there the depreciation based on the ore extracted from the mines.

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A: Dividend - The dividend is the financial gain distributed to the company's shareholders. Dividends a...

Q: For the 2021 audit of the financial statements, you are tasked to audit EMPLEO Corporation's liabili...

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Q: During the review of loan contracts and agreements, the auditor would most likely figure out the fol...

A: Answer: The responsibility of auditor is to test the assertions with respect to the financials items...

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A: Cash basis of accounting considers only actual receipts and payments for the purpose of ascertaining...

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A: Accounting is the process whereby the costs and revenues of the business are estimated and recorded....

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A: The income statement is prepared using trial balance and it tells about the profitability of the org...

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A: The moving average inventory approach recalculates the average cost of every stock product in stock ...

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A: Introduction:- Internal control means:- Internal controls are company policies and procedures and ru...

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A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first questi...

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A: An accounting equation refers to a mathematical representation of the transaction. It indicates that...

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A: Answer -  Incremental revenuer efers to the additional revenue generated from an additional quantity...

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A: Answer: Audit procedures are the methods that are followed by Auditors during the period of audit of...

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A: Solution Concept Single economic entity principle             The consolidated financial statement i...

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A: Depreciation would be described as the systematic lowering of the reported cost of a fixed asset til...

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A: Internal control is a process carried out by a company's board of directors, management, and other p...

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A: Depreciation formula as per straight-line basis: Annual depreciation=Cost-Salvage valueUseful Life

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.