consolidated financial statements

timer Asked: Jun 30th, 2014
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Question Description

Describe the use of consolidated financial statements.

Tutor Answer

Alex Z
School: UIUC

Consolidated financial statements are typically found in a company's quarterly or annual reports.  They contain a summarized version of the information found on the company's full financial statements.  The summary info will only contain the most salient items (ex., revenue, total direct costs, gross profit, SG&A, operating income, net income, current assets, fixed assets, current/long-term liabilities, shareholder equity, etc.).

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