Changes from cost are reported as part of net income 1. If one company owns more than 50% of the common stock of another company, a. the cost method should be used to account for the investment. b. a partnership exists. c. a parent-subsidiary relationship exists. d. the company whose stock is owned must be liquidated. 2. If a parent company has two wholly owned subsidiaries, how many legal and economic entities are there from the viewpoint of the shareholders of the parent company? Legal Economic a. 3 3 b. 1 2 c. 3 1 d. 2 1 3. When a company owns more than 50% of the common stock of another company, a. affiliated financial statements are prepared. b. consolidated financial statements are prepared. c. controlling financial statements are prepared. d. significant financial statements are prepared. 4. Changes from cost are reported as part of net income for a. non-trading securities. b. held-for-collection securities. c. debt securities. d. trading securities. 5. Short-term investments are listed on the balance sheet immediately below a. cash. b. inventory. c. accounts receivable. d. prepaid expenses. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help
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