The Noncontrolling Interest Line Item on the Income Statement Represents

question 29

True/False

The noncontrolling interest line item on the income statement represents the income attributable to the portion of a subsidiary owned by others.

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Definitions:

Transactions

Economic activities or events that affect the financial position of a company, recorded in its accounting records.

Acquisition Costs

The total cost incurred to acquire an asset or service, including the purchase price and any additional costs necessary to bring the asset into working condition.

Property

Legal rights or interests in land, buildings, or other assets, which can include ownership of the asset itself and usage rights.

Equipment

Tangible property used in operations, such as machinery, computers, and tools, that is not intended for sale.