AASB 10 Consolidated Financial Statements Defines a 'Parent Entity' and a 'Subsidiary

question 9

Multiple Choice

AASB 10 Consolidated Financial Statements defines a 'parent entity' and a 'subsidiary entity' as:
The original answer was (a) , which I think is incorrect. The correct answer should be (c) .
$$\begin{array} { | l | l | l | } \hline & \text { parent } & \text { Subsidiary } \\\hline \text { I } & \begin{array} { l } \text { An entity which owns more than } 40 \% \text { of } \\\text { the voting shares of another entity }\end{array} & \begin{array} { l } \text { An entity in which another entity owns } \\\text { more than 40\% of the voting shares }\end{array} \\\hline \text { II } & \begin{array} { l } \text { An entity which owns more than } 20 \% \text { of } \\\text { the voting shares of another entity }\end{array} & \begin{array} { l } \text { An entity which is owned partly by another } \\\text { entity }\end{array} \\\hline \text { III } & \text { An entity that has one or more subsidiaries } & \begin{array} { l } \text { An entity which is controlled by a parent } \\\text { entity }\end{array} \\\hline \text { IV } & \text { An entity that controls another entity } & \begin{array} { l } \text { An entity in which the parent entity owns } \\\text { more than } 20 \% \text { of the voting shares }\end{array} \\\hline\end{array}$$

• A) I
• B) II
• C) III
• D) IV

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Definitions:

Individualistic Cultural Outlook

A perspective prevalent in cultures that value personal independence and self-expression over collective goals and conformity.

Personal Attributes

The qualitative or characteristic features of an individual, including traits, behaviors, and personal qualities.

The Self

A reference to an individual's consciousness of their own identity and personal character.

Cultural Difference

Variations in the customs, beliefs, practices, and social behavior between different societies or groups, often leading to diverse worldviews and ways of life.