Answer the questions: True or False

17. A noncontrolling interest is essentially the portion of equity (net assets) interest in a subsidiary that is not attributable to the parent company. (T/F)

18. The primary advantage of the single-step format lies in the simplicity of presentation and the absence of any implication that one type of revenue or expense item has priority over another. (T/F)

19. Use of the phrase income from continuing operations is only necessary when gains or losses on discontinued operations occur. (T/F)