In Preparing Consolidated Working Papers, Beginning Retained Earnings of the Parent

question 29

Multiple Choice

In preparing consolidated working papers, beginning retained earnings of the parent company will be adjusted in years subsequent to acquisition with an elimination entry whenever:

• A) a noncontrolling interest exists.
• B) it does not reflect the equity method.
• C) the cost method has been used only.
• D) the complete equity method is in use.

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