Advanced Accounting

You have recently prepared consolidated financial statements (of a parent corporation and subsidiary) where you were required to prepare consolidation (elimination) entries.

In this metacognition assignment, specifically, identify how the financial statements would be affected if the consolidation entries are not recorded?

Specifically, identify which element(s) on each statement is affected and how it is affected (under or overstated).

It is not only important that students think critically and analytically but also has an awareness and understanding of their thinking process (metacognition). Include your reflection below.

1. Income Statement. Which income statement accounts are affected and how?
2. Balance Sheet. Which balance sheet accounts are affected and how?
3. What accounting principle(s) is applied in the consolidation process?
4. When preparing consolidation entries what must be considered in your analysis
5. Reflect on your own problem solving / analysis process.During this course has the way you work through problems changed in any way?What do you believe are your strengths and weaknesses in problem-solving