Question 1 (2 points)

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When two businesses combine and the parent establishes control without 100% ownership, a noncontrolling interest must be accounted for.

Question 1 options:

	True
	False

Question 2 (2 points)

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A noncontrolling interest should not be reported on the parents consolidated financial statements.

Question 2 options:

	True
	False

Question 3 (2 points)

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On the date of acquisition, the fair value of the controlling interest will always be the basis for calculating the fair value of the noncontrolling interest.

Question 3 options:

	True
	False