P, Q, and R are children of a mid-level parent ent...

FCCS Exam Test

Question Number 5

P, Q, and R are children of a mid-level parent entity, AceCo. In February each entity has cash inthe amounts of 10, 20, and 30, respectively, and AceCo has been consolidated and has cash of 60. Aprior period adjustment to Q adjusts cash with a debit of 5.Which statement regarding consolidation is correct?

A. There is no way to do a prior period entry like this.

B. January and February should be consolidated.

C. February should be consolidated, after which the cash at AceCo is now 65.

D. January should be consolidated for the change and nothing needs to happen for February.

✔ Correct Answer:

B. January and February should be consolidated.

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FCCS Exam Test

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