Question
How is noncontrolling interest affected by subsidiary income and OCI?
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Answer
It gets its share, less NCI dividends.
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Question
Why is goodwill recognized in consolidation?
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Answer
It captures excess purchase price over fair value net assets.
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Question
What is the first consolidation step after combining parent and subsidiary accounts?
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Answer
Eliminate the investment account against subsidiary equity.
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Question
How does the VIE model differ from majority voting control?
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Answer
Control can exist without majority votes.
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