Financial Accounting MGBAF1FNA Task 01 The first part of the report should consist of a detailed explanation on the following areas. a) Definition of accounting and its purposes. b) Purposes of each component of the financial statements. c) Define and explain parent and subsidiary companies. d) What are consolidated financial statements? e) Explanation of different components of Consolidated financial Statement i.e. Goodwill, Retained earnings, non-controlling interest. f) From your calculations explain the final consolidated financial statements, i.e. how you have calculated those numbers and show your understanding of consolidation