Describe the nature and purpose of a subsidiary ledger. List the two-common subsidiary.

Q: An entity shall determine whether a transaction or other event is a business combination by applying…

A: A transaction or event is determined as business combination if Assets and liabilities aquired…

Q: Which internal control objective is concerned with ensuring that accumulated totals in the…

A: Internal controls are the procedures that are implemented to ensure operational efficiency and…

Q: Draw a diagram depicting the relationship between the general ledger master file, control accounts,…

A: Relationship between the general ledger master file, control accounts, subsidiary files, and…

Q: Define Subsidiary ledger.

A: General ledger: General ledger refers to the ledger that records all the transactions of the…

Q: Identify the various types of split-interest agreements and describe accounting practices for each.

A: Split-interest agreements: Split-interest agreements, often known as planned giving, are…

Q: What are subsidiaries ledgers? Give three benefits of using subsidiaries ledgers?

A: Subsidiary ledger is a ledger account which records detailed information of the account which is…

Q: What are the purpose of subsidiary ledger

A: Solution:- Introduction:- Subsidiary ledger gives the details that make up the balance of specific…

Q: 2. What indicators does the Codification list that suggest an entity is a principal? Determine the…

A:

Q: Define the term parent company.

A: Parent company is a company which has controlling interest in other company by having owned voting…

Q: Differentiate between S and C corporations.

A: Answer: An S corporation is like any other company established under state law, except that for…

Q: Define General ledger.

A: General ledger is the book containing the accounts and their amounts which are posted from journal…

Q: Determine the timing of revenue recognition with respect to licenses, franchises, and other common…

A: Revenue is recognised at the point of time when delivery of goods are made.

Q: entity collected entity remitted plied first the cc е сс

A: Account receivables are the balances of customers that have not paid their dues for services…

Q: What is meant by Wraparound filing?

A: Financial reporting: Financial reporting is the procedure used to communicate the information…

Q: What three documents must accompany the payment of an invoice? Discuss where these three documents…

A: The three documents which must accompany the payment of an invoice are  Purchase Requisition…

Q: Subsidiary ledger

A: Ledger Account The purpose of preparing the ledger account to know the ending balance which are…

Q: Describe the revenue and collection cycle,including typical source documents.

A: Introduction: Income statement: Income statement is the financial statement of the company that is…

Q: A. the results of the subsidiary for the period of time that it was controlled to be accounts.…

A: AASB stands for Australian accounting standards board and belongs to the Australian government…

Q: What are the two parts of a registration statement? What does each part contain?

A: Registration statement is composed of two parts 1. Prospectus 2. Informational needs of the staff of…

Q: Bring out the difference between two methods of Accounting for Amalgamation.

A: Amalgamation is the another word which is nothing but the consolidation but here is that one entity…

Q: Define each of the following terms:i. Holding company; operating company; parent company

A: Holding company and parent company are almost alike in nature as both holding and parent company own…

Q: Explain the difference between the general ledger and a subsidiary ledger.

A: Ledger is a book where the journal entries recoded are posted. All the transactions in a ledger are…

Q: Define the term accounts.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Briefly state how FASB efforts to improve Consolidation accounting

A: Financial Accounting Standard Board: Establishing financial accounting and reporting standards for…

Q: Discuss the importance of accounting for multiple performance obligations in a revenue arrangement…

A: Here discuss about the importance of the performance obligation which are identified in the contract…

Q: Sales from one subsidiary to another are called: a. Horizontal sales b. Downstream sales c. Inter…

A: Sales refers to the exchange of a goods and services against money.

Q: Define the term subsidiary accounts.

A: Definition:   Account: Account is the basic record that reports all changes in the value of…

Q: What mathematical relationship is used among proprietary account balances?

A: Answer:-  Mathematical relationship meaning:- A mathematical relationship in the general term can be…

Q: Define group, subsidiary and what is controlling company.

A: The answer is stated below:

Q: What is the purpose of the general ledger history file?

A: General Ledger:   The financial information required for the preparation of financial report; of…

Q: What is the purpose of a subsidiary ledger?

A:

Q: Explain the circumstances under which a parent company may be exempted. group accounts…

A:

Q: What is the purpose of a registration statement?

A: Registration statement is a legal document which is filed with the SEC to register securities for…

Q: An element of internal control is   a. risk assessment   b. controlling accounts   c. journals…

A: Introduction: Fraud: To deceive the others intentionally called as Fraud. There are several types of…

Q: Name the major subsystems of the revenue cycle.

A: Revenue cycle refers to tracking a revenue transaction from its beginning to end i.e. from receiving…

Q: Demonstrate the consolidation procedures to eliminate intra-entity sales and purchases balances.

A: Consolidation is a term used for merging of several companies of an industry. The assets,…

Q: Explain what the separate entity assumption means whenit says a business is treated as separate from…

A: Accounting Assumption The accounting assumptions are the columns on which the accounting system is…

Q: What are subsidiary ledgers and control accounts,and why are they used? Describe how they work.

A: An accounting ledger is an accounting account or record that keeps track of activities on the…

Q: Reconciliations of the General Ledger Control Accounts to the Subsidiary Ledgers are an example of…

A: In this we quote an example of Reconciliations of the General Ledger Control Accounts to the…

Q: Define Transaction exposure

A: Transaction exposure is the sensitivity of realized domestic currency values of the firm's…

Q: Which of the following is most likely to be described as a depository institution?

A: Depository institutions are those institutions who have the authority to accept monetary deposits…

Q: Which of the following is often called a compensating control?a. transaction authorizationb.…

A: The compensating control is referred to as a type of control that is meant for reducing attacks and…

Q: xplain and apply the definition of a subsidiary within relevant accounting standards

A: A set of concepts, standards, and procedures that constitute the foundation of financial accounting…

Q: Define subsidiary

A: A corporation refers to a legal entity that is completely distinct from its owners. It is allowed to…

Q: Consolidation financial statements are prepared when a parent-subsidiary relationship exists in…

A: Financial statements show the financial performance/position of the business entity. It is prepared…

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.