Melody Corporation, which owns 51% of A+, uses a different AIS than A+ with different account numbers and names for many accounts. Which of the following methods could allow Melody to consolidate financial statements?
A) Consolidation software with account mapping
B) Utilizing a spreadsheet to manually consolidate data
C) Integration of XBRL
D) All of these answer choices are correct.

Question

Quizplus · Accepted Answer

All the options provided are viable methods to consolidate financial statements from different accounting information systems (AIS) with varying account numbers and names. Consolidation software can map accounts from different systems, spreadsheets can be used for manual consolidation, and XBRL (eXtensible Business Reporting Language) facilitates the sharing of business information by standardizing the language for terms used in financial reporting.

Melody Corporation, Which Owns 51% of A+, Uses a Different