Which of the following statements are true? (i) If an investor has more than 50% ownership, it always has control. (ii) Goodwill is amortised over the useful life which is traditionally 30 years. (iii) The elimination entry in the pro forma journal is not entered in the general ledger. Select one: a. (i), (ii) and (iii) b. (i) and (ii) only c. (i) and (iii) only d. (iii) only
Which of the following statements are true? (i) If an investor has more than 50% ownership, it always has control. (ii) Goodwill is amortised over the useful life which is traditionally 30 years. (iii) The elimination entry in the pro forma journal is not entered in the general ledger. Select one: a. (i), (ii) and (iii) b. (i) and (ii) only c. (i) and (iii) only d. (iii) only
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following statements are true?
(i) If an investor has more than 50% ownership, it always has control.
(ii)
(iii) The elimination entry in the pro forma journal is not entered in the general ledger.
Select one:
a.
(i), (ii) and (iii)
b.
(i) and (ii) only
c.
(i) and (iii) only
d.
(iii) only
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Answer: option c
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