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Proficiency Questions Question #1 gem. may result in the need to prepare consolidated financial statements. Question #2 (resen Only the acquisition method can be used currently to record a business combination. Question #31K esan A new business combination currently may be accounted for as either a purchase or pooling of interests True False Question #4mssay The legal form of a business combination will influence the correct accounting for the combination True False Question #5 (P96580) One entity can gain control of another entity through direct and/or indirect ownership of that entity. True False Question #6,06578) If one entity acquires from another entity a group of assets that constitute a business, for accounting purposes a business combination has occurred True False Question #7 (P06575) A business combination can be accomplished by one entity making an investment in the debt 9/3/2015 11:14 I of 36