In reading a set of consolidated financial statements you are surprised to see the term noncontrolling interest not reported under the Liability section of the Balance Sheet.
Required:
a.What is a noncontrolling interest?
b.Why must it be reported in the financial statements as an element of equity rather than a liability?
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q26: Which of the following statements are true
Q27: On January 1,20X8,Potter Corporation acquired 90 percent
Q28: On January 1,20X9,Peanuts Corporation acquired 80 percent
Q29: Pluto Company owns 80 percent of the
Q30: ASC 805 is related to the Consolidation
Q32: Princeton Company acquired 75 percent of the
Q33: Which of the following usually does not
Q34: All of the following statements accurately describe
Q35: On January 1,20X8,Potter Corporation acquired 90 percent
Q36: Primo Corporation acquired 60 percent of Secondo
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents