Which of the following is TRUE of consolidated statements?
A) They combine the balance sheets, income statements, and statements of cash flows of the parent company with those of its peer group firms.
B) They combine the balance sheets, income statements, but not the statements of cash flows of the subsidiary company using the consolidation method.
C) They combine the balance sheets, income statements, and statements of cash flows of the subsidiary company with those of its investee firms.
D) They combine the balance sheets, income statements, and statements of cash flows of the parent company with those of its controlling interest affiliates.
D) They combine the balance sheets, income statements, and statements of cash flows of the parent company with those of its controlling interest affiliates.
You might also like to view...
Compilation Reporting A banker friend and you were discussing compiled financial statements. He said," When CPAs associate their name with compiled financial statements, their only responsibility is to the client and that is limited to the proper
summarization and presentation on the financial statement information provided by the client. The opinion clearly states that the auditor has not conducted an audit and does not express an opinion on this fair presentation. Therefore, if users rely on compiled financial statements, they do so at their own peril and can never hold the CPA responsible for inadequate performance. Users should interpret the financial statements as if they had been prepared by management.". REQUIRED: How would you respond to your friend?
In social situations, including the organizations in which we work, we often rely on information from ______ for guidance about how to act or feel.
a. ourselves b. others c. employee handbooks d. television
In an agency by ratification, the agent is relieved of any liability for misrepresentation.
Answer the following statement true (T) or false (F)
In the context of entrepreneurship, ______ is a process whereby people can influence and control their own behavior, actions, and thinking to achieve self-direction and self-motivation.
a. effectuation b. self-leadership c. vesting d. offering