It Is Possible for Aggregated Direct and Indirect Minority Interests

question 29

True/False

It is possible for aggregated direct and indirect minority interests in an entity to be a greater percentage of ownership than the parent's aggregated direct and indirect ownership interests:

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Definitions:

Accounting Records

Documents and books that systematically record all financial transactions of an entity.

Personal Records

Personal records are documents or files pertaining to an individual's private life, including personal identification, financial accounts, health records, and employment details.

Generally Accepted Accounting Principles

A set of accounting standards, principles, and procedures that companies must follow when they compile their financial statements, ensuring transparency and comparability.

GAAP

Generally Accepted Accounting Principles; a collection of commonly-followed accounting rules and standards for financial reporting.