If a Company Prepares a Consolidated Income Statement, IFRS Requires

question 1

Multiple Choice

If a company prepares a consolidated income statement, IFRS requires that net income be reported for

• A) the majority interest only.
• B) the minority interest only.
• C) both the majority interest and the minority interest.
• D) as a single amount only.

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Definitions:

Revenue

The total income generated by the sale of goods or services before any expenses are deducted.

Shipping Container

A large container designed for transport and storage of goods by various modes of transportation, including ship, rail, and truck.

Planning Budget

A budget prepared for a specific level of activity, used for planning purposes.

Materials and Supplies

Items and components used in the manufacturing process or in the maintenance of equipment and facilities.