contestada

in preparing consolidated financial statements, the gross profit or loss recorded by individual affiliates for intra-entity asset transfers is multiple select question. included in inventory in the consolidated balance sheet. excluded from net income. included as part of net income. excluded from inventory in the consolidated balance sheet.

Respuesta :

In preparing consolidated financial statements, the gross profit or loss recorded by individual affiliates for intra entity asset transfers is excluded from net income and excluded from inventory in the consolidated balance sheet.

Consolidated financial statements refers to the financial statements of an organizations which includes all the records related to assets, liabilities, equity, income and other cash flows of the parent company as well as its subsidiaries. Consolidated statements must always eliminate all the transactions made between the parent company and its subsidiary and transactions made with the outside entities must be included in the financial statements. It is, however, very important for the companies to record all the selling and buying transactions made so that the revenues earned can be measured and effective use of such accounts can be done.

Learn more about financial statements at:

brainly.com/question/16479401

#SPJ4

Otras preguntas