Noncontrolling Interest Reported on the Balance Sheet Represents the Amount

question 101

True/False

Noncontrolling interest reported on the balance sheet represents the amount of the net assets of a company that are owned by shareholders other than the common shareholders of that company.

---

Definitions:

Journal Entry

A record in accounting that consists of debits and credits to various accounts, used to document business transactions in the financial records.

Premium on Bonds Payable

The excess amount by which a bond is sold over its face value.

Financial Statements

Documents that provide an overview of a company's financial condition in both short and long term, including balance sheet, income statement, and cash flow statement.

Total Liabilities

The cumulative total of all liabilities or debts owed by a company, including bonds payable, accounts payable, salaries, loans, and any other monetary obligations.