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CPA: FAR > Chapter 3 Section 7: Intercompany Transactions > Flashcards

Chapter 3 Section 7: Intercompany Transactions Flashcards

1
Q

What is eliminated, regarding intercompany transactions?

A

100% of B/S items if consolidated

100% of I/S items if consolidated

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2
Q

How do you adjust for inventory sold between parent and sub?

A

Inv sold to outsiders -> correct COGS

Inv still on hand -> correct ending inventory

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CPA: FAR (70 decks)

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