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Homework answers / question archive / 1) If the accountant did not prepare the elimination entry of unrealized profit in inventories at the end of any year, this will affect the consolidated net income in that year and in all subsequent years

1) If the accountant did not prepare the elimination entry of unrealized profit in inventories at the end of any year, this will affect the consolidated net income in that year and in all subsequent years

Accounting

1) If the accountant did not prepare the elimination entry of unrealized profit in inventories at the end of any year, this will affect the consolidated net income in that year and in all subsequent years. Discuss this statement and support your answer with a numerical example

2)  Firms should conduct the impairment test for goodwill at least annually. Accounting standards require more frequent impairment testing if some events occurs.

Identify the main events upon which goodwill undergoes a test for its impairment

 

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