The non-controlling interest columns on a consolidation worksheet are used to:
A) adjust the amounts that have been recorded for intragroup revenue transactions.
B) adjust the amounts that have been recorded for intragroup services.
C) eliminate the recorded amounts of the non-controlling investment in the subsidiary.
D) compile the amounts of non-controlling interest and parent share of particular line items.

Question

Quizplus · Accepted Answer

The non-controlling interest columns on a consolidation worksheet are used to compile the amounts of non-controlling interest and parent share of particular line items. This is done in order to accurately reflect the financial statements of the subsidiary and parent company in the consolidated financial statements. The adjustment of intragroup revenues and services would likely be done in other columns on the consolidation worksheet, while eliminating the recorded amounts of the non-controlling investment in the subsidiary would not be necessary on a consolidation worksheet as it would have already been accounted for in the consolidation process.

The Non-Controlling Interest Columns on a Consolidation Worksheet Are Used