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Preparation of consolidated financial statements

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Reference no: EM132893670

Chapter: Consolidation: wholly owned entities

1.Briefly describe the consolidation process in the case of wholly owned entities.

2.Explain the adjustments that may be required as part of the consolidation process.

3.Explain the purpose of the acquisition analysis in the preparation of consolidated financial statements.

4. At the date the parent acquires a controlling interest in a subsidiary, if the carrying amounts of the subsidiary's assets are not equal to their fair value, explain why adjust- ments to these assets are required in the preparation of the consolidated financial state- ments.

5. Explain the purpose of the business combination valuation entries in the preparation of consolidated financial statements.

6. Explain the purpose of the pre-acquisition entries in the preparation of consolidated financial statements.

7. Explain how the existence of a gain on bargain purchase affects the pre-acquisition entries, both in the year of acquisition and in subsequent years.

8. Why are some adjustment entries in the previous period's consolidation worksheet also made in the current period's worksheet?

9.Explain how and why the pre-acquisition entries will be adjusted in subsequent years after the acquisition date.

Reference no: EM132893670

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