Financial statements of the parent company plus those of the majority-owned subsidiaries-as if the combination were a single legal entity-are:

Question

Quizplus · Accepted Answer

Consolidated statements are financial statements that present the combined financial position and results of operations of a parent company and its subsidiaries as if they were a single entity. This involves eliminating intercompany transactions and balances, and including the proportionate share of assets, liabilities, revenues, and expenses of the subsidiaries owned by the parent company. Consolidated financial statements provide a more comprehensive view of the financial position and performance of the entire group.

Financial Statements of the Parent Company Plus Those of the Majority-Owned