Phillip Lives in the Country as Part of a Hutterite

question 21

Multiple Choice

Phillip lives in the country as part of a Hutterite community.This community has been around for over 500 years and the people have a certain way of carrying out their work and family lives.What is an appropriate description of the group he belongs to?

• A)Ethnic
• B)Religious
• C)Cultural
• D)Racial

Understand the differences between the parent-company extension method and the entity method in consolidated financial statements.

Know how to calculate the non-controlling interest in earnings with necessary adjustments for both realized and unrealized profits from sales.

Comprehend the process and implications of intercompany transactions on consolidation adjustments for depreciation expense, net book value of equipment, and non-controlling interests.

Analyze how transactions between parent and subsidiary companies affect the consolidated net income and non-controlling interest's share.