General Auto Company invests in the stock of Packer Auto Parts, Inc. Which statement is true concerning
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Question:
General Auto Company invests in the stock of Packer Auto Parts, Inc. Which statement is true concerning consolidation of Packer with General Auto, following US GAAP?
Select one:
a If General Auto owns percent or less of Packers stock, it cannot consolidate Packer.
b If General Auto owns the majority of Packers stock, it must consolidate Packer.
c If General Auto has the power to control Packer, it must consolidate Packer.
d If General Auto owns percent or more of Packers stock, it must consolidate Packer.
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Posted Date: