Which of the Following Is True Regarding SIC 12,"Consolidation--Special Purpose

question 67

Multiple Choice

Which of the following is true regarding SIC 12,"Consolidation--Special Purpose Entities",and FIN 46R,"Consolidation of Variable Interest Entities"?

• A) Both pronouncements show evidence of being a principles-based standard.
• B) Both pronouncements state that the substance of the relationship between an entity and the variable-interest or special-purpose entity is the determining factor in deciding to consolidate a variable-interest or special-purpose entity.
• C) Both pronouncements state that the entity expected to bear the majority of the expected gains or losses of the variable-interest or special-purpose entity should consolidate the variable-interest or special-purpose entity.
• D) Both pronouncements state that technical voting control of an SPE is the determining factor in deciding to consolidate a variable-interest or special-interest entity.

Acknowledge how exposure to conflict affects children and adolescents.

Describe the development of intimate and romantic relationships during adolescence.

Understand the roles of shared imaginative play in children's social and cognitive development.

Appreciate the influence of family, societal, and cultural factors on the developing child.

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Definitions:

Forgiveness Of Loan Repayment

A situation where a lender decides not to require the borrower to repay some or all of an outstanding loan, potentially resulting in taxable income for the borrower.

Income

Income refers to the money received by a person or organization for work, from investments, or from various other sources.

Borrower

An individual, organization, or entity that receives funds from another under the condition of returning the funds, typically with interest, over a period of time.

Schedule B

A form used with the IRS tax return to report interest and ordinary dividend income.