For purposes of consolidating financial interests, a majority voting interest is

Question

For purposes of consolidating financial interests, a majority voting interest is deemed to be:

Question 8 options:

50 percent of the directly or indirectly owned outstanding voting shares of another entity

50 percent of the directly or indirectly owned outstanding voting shares and at least 50 percent of the directly or indirectly owned outstanding nonvoting shares of another entity

Greater than 50 percent of the directly or indirectly owned outstanding voting shares of another entity.  

Greater than 50 percent of the directly or indirectly owned outstanding voting shares and at least 50 percent of the directly or indirectly owned nonvoting shares of another entity

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Question 9 (2 points)

Palm City uses the modified approach for reporting eligible infrastructure assets. In which of the following components of its basic financial statements, if any, would Palm report this information?

Question 9 options:

Letter of transmittal

Statement of activities

Notes to the financial statements

Not required to report.

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Question 10 (2 points)

When should a conditional pledge to a nongovernmental not-for-profit organization be recognized as revenue?

Question 10 options:

Immediately

When the cash is received

When the pledge conditions are met

At the beginning of the next fiscal year.

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Question 11 (2 points)

The following information pertains to Ash Co., which prepares its statement of cash flows using the indirect method:

Interest payable at beginning of year $15,000

Interest expense during the year 20,000

Interest payable at end of year 5,000

What amount of interest should Ash report as a supplemental disclosure of cash flow information?

Question 11 options:

$10,000

$20,000

$30,000

$35,000

50 percent of the directly or indirectly owned outstanding voting shares of another entity

50 percent of the directly or indirectly owned outstanding voting shares and at least 50 percent of the directly or indirectly owned outstanding nonvoting shares of another entity

Greater than 50 percent of the directly or indirectly owned outstanding voting shares of another entity.  

Greater than 50 percent of the directly or indirectly owned outstanding voting shares and at least 50 percent of the directly or indirectly owned nonvoting shares of another entity

Explanation / Answer

Question 8 Greater than 50 percent of the directly or indirectly owned outstanding voting shares of another entity. is the correct answer.

Question 9:

Question 10:

When the pledge conditions are met

Question 11:

The amount of cash paid for interest during the period net of cash paid for interest that is capitalized is shown as Supplemental disclosure

Interest paid during the year =Oustanding Interest yas year+Interest charged during the year-Oustanding interest current year=15000+2000-5000=30000

When the pledge conditions are met

Question 11:

The amount of cash paid for interest during the period net of cash paid for interest that is capitalized is shown as Supplemental disclosure

Interest paid during the year =Oustanding Interest yas year+Interest charged during the year-Oustanding interest current year=15000+2000-5000=30000

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