Intercompany Transactions Flashcards
1
Q
A Transaction that s/b eliminate 100% even when noncontrolling interest exists
A
Intercompany Transaction
2
Q
Do not eliminate intercompany accounts if you
A
do NOT consolidate
3
Q
On the income statement, the following s/b eliminated 100%
A
a. Interest expense/interest income(bonds)
b. Gain on sale/Depreciation expense(intercompany Fixed asset sales)
c. Sales/COGS(intercompany inventory transcations)
