What is meaning of merging of expenses or income in accounts
This query is : Resolved
01 November 2024
what is meaning of merging of expenses or income in accounts or assets or liabilities.
01 November 2024
The term "merging of expenses or income" typically refers to the consolidation of financial statements, where the financial data of two or more entities are combined into a single set of financial statements .
Key Points of Merging Expenses or Income:
Consolidation: Combining the financial statements of the parent company and its subsidiaries to present them as a single entity.
Elimination of Intercompany Transactions: Removing any transactions between the entities involved to avoid double counting.
Uniform Accounting Policies: Ensuring that all entities follow the same accounting policies for consistency.
Presentation: The consolidated financial statements show the total assets, liabilities, income, and expenses of the combined entity.
Key Points of Merging Expenses or Income:
Consolidation: Combining the financial statements of the parent company and its subsidiaries to present them as a single entity.
Elimination of Intercompany Transactions: Removing any transactions between the entities involved to avoid double counting.
Uniform Accounting Policies: Ensuring that all entities follow the same accounting policies for consistency.
Presentation: The consolidated financial statements show the total assets, liabilities, income, and expenses of the combined entity.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
