Define Pre-Settlement Settlements

question 73

Essay

Define pre-settlement settlements.

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Definitions:

Inventories

Goods owned with the intention to sell them through standard business activities, in the stage of being made for sale, or as parts or materials meant for consumption in production activities or while offering services.

Consolidation Worksheet

A tool used in the preparation of consolidated financial statements to combine the financial information of a parent company with its subsidiaries.

Subsidiary Entity

An entity that is controlled by another entity, the control often being evidenced through ownership of more than half of the voting rights or through other means of control.

Consolidation Adjustment

Adjustments made to eliminate intercompany transactions and balances during the preparation of consolidated financial statements for a group of companies.