2019 16:23:00 GMT Consolidated Financial Statements Exam Questions Answers Multiple Choice Questions - Pearson Education A-1 Preparation question: Simple consolidation (b) Usefulness of consolidated financial statements The main reason for preparing consolidated accounts is that Upon completion of this chapter you will be able to: prepare a consolidated statement of financial position for a simple group (parent and one subsidiary) deal with pre- and post-acquisition profits; deal with non-controlling interests (at fair value) Prepare the consolidated statement of financial position of the Atia group as at 30 June 2019. Chapter 22. Those questions that require some narrative are still lacking in some cases with only a few words offered being the order of the day. Associates (IAS 28) 3 ... What amount will be shown in the consolidated statement of financial position at 30 September 20X7 in respect of the investment in Axle? Daaho prepares financial statements in accordance with International Financial Reporting Standards (IFRS) up to 31 August each year. Required: Prepare balance sheet for F. Green as at 31 March 2015 in both horizontal and vertical style.. 4 Answer: As explained in the answers to questions 1.2 and 1.3 above, section 379 of the CO is explicit on which companies should prepare company level financial statements and which should prepare consolidated financial statements and these requirements Example 1: Preparation of Balance Sheet – Horizontal and Vertical Style: The following trial balance is prepared after preparation of income statement for F. Green as at 31 March 2015.. As at the year end the parent’s statement of financial position reports rent receivable as an asset at £600 and this includes £150 due from the subsidiary. Financial performance (profitability) Chapter 21. no test. Chapter learning objectives. PDF Consolidated Financial Statements Questions Answers. (20 marks) QUESTION TWO a) Daaho Ltd (Daaho) manufactures and distributes security equipment. Question 3 Consolidated statement of financial position Note: Add additional rows/columns to the worksheet if required. What amount of total Plant assets will be reported in the consolidated statement of financial position on Mar. Chapter 18: Consolidated statement of financial position . Group statement of profit and loss Chapter 25. balance sheet (statement of financial position) which has caused a few problems with learners in the past. Investor analysis GROUP ACCOUNTS Chapter 23. Please find my answers to your questions regarding the acquisition and translation of Heti Ltd in the consolidated financial statements of the Fedora Ltd Group for the year ended 30 June 2016 below: Accounting for the fair value adjustment to the plant at acquisition date Chapter 20. Solution for 1. NOTE: Copy and paste this template into the Excel file that you are going to submit; do not complete your work in this file. Subsidiary reports rent payable as £150. (20 marks) (b) The next assignment as the accountant in … 31,2019 2. Consolidated statement of financial position Chapter 24. ACCA Financial Reporting (FR) Further Question Practice Practice & Apply Questions & Answers. Goodwill as a result… (4 marks) (iii) Using the information from the Trial Balance prepare Statement of Financial Performance for the Consolidated Fund for the year ended 31 December 2017. requirements for presentation of financial statements. 8: THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION 101 1 Types of investment Information gap 1.1 The purpose of group financial statements is to bridge the information gap: • An investment in a parent's separate books may remain static if held at its historical cost. 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