What does the accounting term consolidated joint venture mean?

Question

I live in the United States of America and I invest in public companies.

If firm A and firm B have a joint venture. Call this joint venture C. Assume each firm owns 50% of C. Firm A considers it a consolidated joint venture. Does this mean that firm A can count 50% of firm's C assets on its balance sheet? Does it mean it can count 50% of firm C's revenue as its own. I believe the answer is yes to both but I would like somebody more knowledgeable in accounting to confirm this.

Thanks, Bob

Answer 1

Yes, consolidated means that the assets (and liabilities, revenue, expenses, etc.) are consolidated into the owning company's balance sheet and other financial statements.