In a business combination that is accounted for under the acquisition method, the entity that obtains control over one or more businesses and establishes the acquisition date that control was achieved is called the
A) Controller.
B) Acquirer.
C) Proprietor.
D) Controlling interest.

Question

Quizplus · Accepted Answer

The entity that obtains control over one or more businesses and establishes the acquisition date that control was achieved is called the acquirer, as per the acquisition method. The acquirer records the acquired assets, liabilities, and any noncontrolling interest at their fair values on the acquisition date.

In a Business Combination That Is Accounted for Under the Acquisition