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MULTIPLE CHOICE - Select the best answer - 2 point each one 1. A subsidiary can be excluded from consolidation if a. control does not rest with the majority owner. b. the subsidiary is in legal reorganization. c. the subsidiary is operating under severe foreign-exchange restrictions. d. All of the above are correct. 2. The unamortized excess account is a, a contra-equity account. b. used in allocating the amounts paid for recorded balance sheet accounts that are above or below their fair values. c. used in allocating the amounts paid for each asset and liability that are above or below their book values, especially when numerous assets or liabilities are involved. d. the excess purchase cost that is attributable to goodwill. 3. Perrys Corporation owns 85% of the outstanding voting stock of Strode Company and Manuka Corporation owns the remaining 15% of Strode's voting stock. On the consolidated financial statements of Perrys Corporation and Strode Comapy, Manuka Corporation is a. an affiliate b. a noncontrolling interest. c. an equity investee. d. a related party 4. The accounting concept of a business combination under GAAP includes combination in which one or more companies become subsidiaries of a parent company. a. True b. False Page 1 5. The SEC requires publicly held companies to report their consolidation policies under Regulation S-10, Rule 10-10. a. True b. False 6. The parent company and subsidiary exist as separate legal entities and maintain separate accounting records. a. True b. False 7. 100% of the assets and liabilities of the parent company and subsidiary are shown in the consolidated balance sheet, and any noncontrolling interest in the subsidiary's net assets is reported separately in the liability or the stockholders' equity section. a. True b. False 8. The capital stock and retained earnings amounts that appear in the consolidated balance sheet are the sum of capital stock and retained earnings of the parent company and subsidiary company. a. True b. False 9. GAAP requires that noncontrolling interest appear as a separate component of stockholders' equity. a. True b. False 10. A corporation that holds a majority interest (over 50%) of the voting stock of another corporation is referred to as the parent company. a. True b. False 11. A corporation whose outstanding voting stock is over 50% owned by another corporation is a subsidiary of that corporation. a. True b. False 12. The interest not held by the parent company is referred to as the noncontrolling interest a. True b. False 13. A subsidiary is a company that is partly or completely owned by another company that holds a controlling interest in the subsidiary company. a. True b. False 14. A company isn't required to consolidate a subsidiary in which it holder > 50% of the voting stock when: a. The company holds less than 75% of the subsidiary's voting stock. b. The company hold > 50% but 50% of the voting stock when: a. The company holds less than 75% of the subsidiary's voting stock. b. The company hold > 50% but