a. 1. The statement is entitled Consolidated Balance Sheets. What does it mean to have
a consolidate balance sheet?
2. For subsidiaries where control is present, does Kellogg have 100% ownership?
3. Are there subsidiaries where control is not pre
The annual report is considered by some to be the single most important printed
document that companies produce. In recent years, annual reports have become large
documents. They now include such sections as letters to the stockholders, descriptions of
CASE: CONVENIENCE FOODS-Kellogg
(millions, except share data)
Cash and cash equivalents
Accounts receivable, net
Other current assets
Total current assets
Kellogg Company and Subsidiaries*
Consolidated Balance Sheet
Fraud is the intentional misstatement of the financial statements.
The two types of fraud are fraudulent financial reporting and misappropriation
Incentive - There is external pressure coming in to make earnings on sto
The objective of external auditing is to provide opinions on the reliability of the
financial statements as well as the effectiveness of internal controls. It serves
to allow people to have confidence in the objectivity and accuracy of the