The Amount of the Adjustment to the Noncontrolling Interest in Consolidated

question 10

Multiple Choice

The amount of the adjustment to the noncontrolling interest in consolidated net assets is equal to the noncontrolling interest's percentage of the:

• A) unrealized intercompany gain at the beginning of the period.
• B) unrealized intercompany gain at the end of the period.
• C) realized intercompany gain at the beginning of the period.
• D) realized intercompany gain at the end of the period.

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Definitions:

Special Journal

A type of accounting journal designed for recording a specific kind of transaction in a more efficient and detailed manner.

General Journal

A comprehensive record of all financial transactions of a company, listed in chronological order.

Correcting Entry

A correcting entry in accounting is a journal entry made to amend a previously recorded error in the financial statements.

Special Journal

A special journal is an accounting journal dedicated to recording transactions of a similar type, improving efficiency and organization.