ACC 401

ACC 401 WEEK 7 QUIZ

ACC 401 Week 7 Quiz,
ACC 401 Week 7 Quiz – Strayer

Chapter 8

Changes in Ownership Interest

Multiple Choice

1. When the parent company sells a portion of its investment in a subsidiary, the workpaper entry to adjust for the current year’s income sold to noncontrolling stockholders includes a

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a. debit to Subsidiary Income Sold.

b. debit to Equity in Subsidiary Income.

c. credit to Equity in Subsidiary Income.

d. credit to Subsidiary Income Sold.

2. A parent company may increase its ownership interest in a subsidiary by

a. buying additional subsidiary shares from third parties.

b. buying additional subsidiary shares from the subsidiary.

c. having the subsidiary purchase its shares from third parties.

d. all of these.

ACC 401 WEEK 7 QUIZ