In consolidated financial statements, it is expected that net income equals the sum of the income distributed to the controlling interest and the income distributed to the noncontrolling interest O True False
Q: Appropriation for accumulated profits, if reflected in separate account, shall be shown as a.…
A: Solution: Appropriation for accumulated profits, if reflected in separate account, shall be shown…
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Q: non-controlling interests
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Q: consolidated income statement
A: Consolidated Income Statement -: A revenue or income statement that incorporates the income,…
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A: DIVIDEND IS THE AMOUNT OF MONEY A COMPANY PAY TO IT'S SHAREHOLDER REGULARLY OUT OF ITS PROFIT .
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Q: How is a noncontrolling interest in the net income of an entity reported in the income statement?
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A:
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Q: Under what circumstances does a company prepare consolidated financial statements?
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- 16 PFRS 9 permits an entity to make an irrevocable election to present in other comprehensive income changes in the fair value of an investment in an equity instrument. Amounts presented in other comprehensive income May be subsequently transferred to profit or loss. Shall be subsequently transferred to retained earnings. Group of answer choices Neither 1 nor 2 Either 1 or 2 1 only 2 onlyi. According to AASB 10/IFRS 10 Consolidated Financial Statements, a non-controlling interest is classified as: part of the parent entity’s equity. part of the group’s equity. a liability of the parent entity. an asset of the group.PFRS 9 permits an entityto make an irrevocable election to present in other comprehensive income changes in the fair value of an investment in an equity instrument. Amounts presented in other comprehensive income 1. May be subsequently transferred to profit or loss 2. Shall be subsequently transferred to retained earnings a) Neither 1 nor 2 b) either 1 or 2 c) 1 only d) 2 only
- PFRS 9 permits an entity to make an irrevocable election to present in other comprehensive income changes in the fair value of an investment in an equity instrument. Amounts presented in othercomprehensive income1. May be subsequentlv transferred to profit or loss.2. Shall be subsequently transferred to retained earnings. a. Neither 1 nor 2 b. Either 1 or 2 c. 1 only d. 2 onlyPFRS 9 permits an entity to make an irrevocable election to present in other comprehensive income changes in the fair value of an investment in an equity instrument. Amounts presented in other comprehensive income 1. May be subsequently transferred to profit or loss. 2. Shall be subsequently transferred to retained earnings. Neither 1 nor 2 2 only Either 1 or 2 1 onlyPFRS 9 permits an entity to make an irrevocable election to present in other comprehensive income changes in the fair value of an investment in an equity instrument. Amounts presented in other comprehensive income May be subsequently transferred to profit or loss. Shall be subsequently transferred to retained earnings. a. Neither 1 nor 2 b. 1 only c. Either 1 or 2 d. 2 only
- Determine if this shall result in recognition of liabilities 8.Declaration of property dividends on ordinary shares. a. yes b. noBasis of appreciated property transferred minus boot received (including liabilities transferred) plus gain recognized equals basis of stock received in a Sec. 351 transfer. Question 5 options: True FalseQuestion 51. Distinguish between corporations and sole proprietorships in terms of the followingcharacteristics:a) Owners’ liability for debts of the businessb) Transferability of ownership rightsc) Continuity of existenced) Taxation on income2. Distinguish between paid-in capital and retained earnings of a corporation. Why issuch a distinction useful?3. Explain the significance of the following dates relating to cash dividends: date ofdeclaration, date of record and date of payment.4. Distinguish between a stock split and a stock dividend. Is there any reason for thedifference in accounting treatment of these two events?
- 21.Retained earnings a. Normally approximates a company's cumulative net income less dividends declared b. Can be subject to a statutory restriction by a state. c. Can be subject to restrictions due to loan agreements. d. Can be subject to appropriation by a corporation's directors to limit dividends.63 Analyze the following: I – An entity shall classify a noncurrent asset as held for sale when the carrying amount of the asset is recovered through a sale transaction. II – Noncumulative preference dividends in arrears are not paid and not disclosed. III – In computing basic loss per share, the annual preference dividend on cumulative preference shares should be added to the net loss whether declared or not. Given these, we can conclude that: Group of answer choices Only statement II is true. Only statements I and II are true. Statements I and III are not true. Statements II and III are not false.Requirements: 10. How much is the consolidated liabilities on December 31, 2x19?11. How much is the consolidated stockholder’s equity on December 31, 2x19?