Question
Match the terms in the list to the definitions below. Each term may be used only once. A. Parent G. Workpaper K. Adjustment B. Subsidiary
Match the terms in the list to the definitions below. Each term may be used only once.
A. Parent G. Workpaper K. Adjustment
B. Subsidiary H. Consolidated statements L. Intercompany transaction
C. Majority owned I. Difference between M. Investment in S
D. Wholly owned implied and book value N. P-only statement
E. Totally held J. Goodwill O. Noncontrolling interest
F. Elimination
__N__ 1. Statements prepared for the parent company and its subsidiaries
__J__ 2. The excess of the value implied by the purchase price over the fair value of the subsidiary's identifiable net assets
__C__ 3. A parent owns at least 50 percent of a subsidiary
__K__ 4. An entry made to remove P's investment account and P's share of Ss equity accounts
__O__ 5. The portion of equity in S not owned by P
__B__ 6. A company that is owned in whole or in part by another company
__M__ 7. P loans money to S
__D__8. The parent company owns 100 percent of the subsidiary
__G__9. A document used by the parent in the preparation of consolidated financial statements
_____10. The account on P's books that reflects its interest in S
__E__11. The parent company owns and controls substantially all of the subsidiary
_____12. A company which owns a majority of the stock of one or more companies
__H__13. Financial statements prepared primarily for the creditors of the parent company
__L__14. An entry made to recognize the effect of transactions between affiliates that have been recorded by one party, but not by the other
__I__15. The amount which arises when the parent company's cost is not the same as its share of the recorded value of the subsidiary company's net assets
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