level: Consolidated Statement of Profit or Loss
Questions and Answers List
level questions: Consolidated Statement of Profit or Loss
| Question | Answer |
|---|---|
| How should Revenue be calculated for the consolidated statement of profit or loss? | P's Revenue + S's Revenue - Revenue from intra-group transactions |
| How is revenue calculated when consolidating statements? | P's revenue + S's revenue - Intra-group revenue |
| How is the cost of sales calculated when consolidating statements? | P's costs + S's costs - Intra-group sales revenue + (inventory held from intra-group transaction % of profit on intra-group sales) |
| What dose PURP stand for? | Provision for unrealised profit |