Reference no: EM131750416
1. Is complete 100% ownership a prerequisite for consolidated financial statements?
2. If not, what is the minimum ownership percentage for consolidated financial statements?
3. When a parent company controls a subsidiary company, what percentage of the subsidiary's assets, liabilities, revenue and expenses must be consolidated?
4. What is the most common method of determining the acquisition-date fair value of the newly acquired subsidiary?
5. Where is the non-controlling interest balance reported in the parent's consolidated financial statements?
6. What four non-controlling interest balances must be determined for consolidations involving a non-controlling interest subsequent to the date of acquisition?
7. Where are non-controlling interest balances accumulated?
8. What is a step-acquisition?
9. When a parent takes control in a step acquisition how are the parent's previous investments in the subsidiary valued?
10. How are post-control subsidiary stock acquisitions by the parent recorded?
11. How are sales of subsidiary stock holdings recorded?
12. What cost flow assumption is used to determine cost basis when only a portion of the subsidiary shares are sold?
13. If the parent maintains control, how is the gain or loss recorded?
14. If the parent loses control, how is the gain or loss recorded?
15. How is the interest retained by the parent company accounted for?
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