ITPEC IP October 2018 Question 69
ITPEC IP October 2018 — Question 69 of 100
The consolidated income statement reports the corporate group's revenues and expenses for an accounting period. It combines the parent and subsidiaries as one economic entity and eliminates relevant intra-group transactions to show consolidated profit or loss.
Answer (c)
Why not others:
- the statement of shareholders' equity explains changes in equity
- the cash flow statement reports cash inflows and outflows
- the balance sheet reports assets, liabilities, and equity at a point in time
Key rule: An income statement covers performance over a period; a balance sheet covers financial position at a date.
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