Contrast the consolidated effects of the parent company concept and the economic entity concept in terms of:
Question:
(a) The treatment of non-controlling interests.
(b) The elimination of intercompany profits.
(c) The valuation of subsidiary net assets in the consolidated financial statements.
(d) The definition of consolidated net income.
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a Under the parent company concept non controlling interest is considered a liability of the consoli...View the full answer
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