Category: Accounting

How to Become a pro in Consolidated Statement Homework Answers

Accounting Homework Help
By Phillip L'Hoette
9 Jul, 2017
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“Consolidated statement homework answers are difficult to chase? It is extremely important that you understand the subject well, and set the right pace for learning.”
Consolidated Statement is a document which contains the financial activities of a company, as well as its subsidiaries.
What does a Consolidated Statement Contain?
A consolidated statement contains the following pieces of information:

  • Assets & Liabilities
  • Income & Expenses
  • Cash flow
  • Equity & Consolidation

Importance of Consolidated Statement
Since it is documented and extremely critical, every piece of information has to be accurate. A Consolidated Statement is like the performance report card, and everyone, right from stakeholders to investors, keeps a vigilant eye. Basis this report, a company decides its future course of action.
Handling Consolidated Statement Homework Answers
Students studying Consolidated Statement often face a lot of challenges. If you are looking for consolidated statement homework answers, then you must understand the following principles related to Consolidated Statement:

  1. It should not be fabricated. It has to provide an accurate picture of company’s financial health.
  2. The cost of operations should be mentioned
  3. A Consolidated Statement should abide by the rules governing the business entity, and there should be no conflict of principles anyhow.
  4. Inflation of facts and figures can lead to severe repercussions,as there will not be enough funds available to invest. Hence, Business leaders and Heads often look for precise information so that they can formulate their future policies.
  5. While solving Consolidated Statement homework answers, you have to ensure that application of one principle again does not mean violation of rules. The same principle can be applied multiple times.

Understanding Consolidated Statement

  • Consolidated Statements cover every aspect of financial Hence, nothing should be skipped for the purpose of comfort
  • Consolidated Statements aim at consolidations, which means the end product or the final sheet should be able to clearly depict the picture of a business entity and its subsidiaries
  • This statement clearly indicates the health of a business entity, versus the health of the entire business group, thereby making it an extremely critical activity
  • Each business subsidiary has to prepare its own Consolidated statement, only to be integrated with the parent company’s statement. Both the statements are then merged using software, and the final outcome is handed over to the Board of Directors.

Terms Associated
Consolidated statement homework answers will be easy to figure out if you are comfortable with the following terms:

  • Balance sheets
  • Statement of Revenues
  • Statement of Capital
  • Statement of earnings
  • Operations cost
  • Assets & Liabilities

How to Become a Pro at Consolidating Statements!
Most of the assignments will have tricky scenarios; however, a thorough knowledge of Consolidated Statement of a subject will always help in a lot of situations. Consider these facts before you start looking for consolidated statement homework answers:

  1. A subsidiary company’s Consolidated statement can only be included in the final statement if the share of the parent company is above 20%
  2. GAAP or Generally Accepted Accounting Principles can NEVER be ignored while preparing a Consolidated statement. Make sure that you have a thorough understanding of GAAP.
  3. The policies and guidelines used to prepare Consolidated Statement have to be declared to concerned people.
  4. This paper is not prepared with the aim of pleasing others. It is prepared with the aim of telling the truth. As stated before, it tells what is going wrong with the organization, and whether the losses outnumber profits.

Tips to Efficiently Crack Consolidated Statement Homework

  1. Have a thorough knowledge of Accounting principles
  2. GAAP & IFRS should be on your tips!
  3. Make sure that Consolidated Statement Homework answers help you in understanding the concepts better.
  4. The more ethical you are, the better it will be. A tainted and exaggerated Consolidated Statement has never helped anyone. So keep ethics in place and avoid looking for shortcuts.
  5. Look for professional help. There are a lot of ways to get great help with Consolidated Statement homework answers. Look for best Accounting resources possible.
  6. You should have in-depth knowledge around Mergers and Acquisitions, handling Corporate bankruptcy and Global Accounting practices.

Consolidated Statement Assignments
If you have been assigned one, and you are looking for help with consolidated statement homework answers, then do not feel anxious as:

  1. There is enough help available on internet, and there are various portal which provides assistance, round the clock, and the charges are nominal for such services
  2. Yes, the assignments can test your patience; however, the purpose of these assignments is to test your knowledge and ability to handle tricky situations. So do not get nervous or feel It is just a test of your patience.
  3. Read a lot about Corporate histories. The more you read about various cases, the clearer will be your understanding. Most of the times, you will discover that no two histories are same.
  4. Become a Master of Accounting principle, as they will never fail you. GAAP is globally accepted, and you will never be disappointed.
  5. Make sure that your mathematics is in sync with the need of the subject
  6. Learn Accounting Software such as Tally. Though it is a basic software, it teaches a lot about Accounting and its principles.
  7. There is no such thing as ’Acting Smart’ as the financial transactions can be tracked So do not succumb to temptation. Stay clean and stay right!

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