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Should the 100% sub held for sale have been consolidated? Think I messed up by not consolidating it.
Regarding the lease vehicles in part B, my tutor did a very similar question and the answer was that lease cars should be held as PPE and depreciated if they are ready for use even if they are not being leased.There was an mcq with four circumstances that could present a material or going concern risk. The answers were 3% of profit, 5% of something, 10% of something and a statement. I wasn’t sure whether the 4th statement was a risk and went with just statements 2 and 3. Sorry this is pretty vague.. does anyone else remember this? What did you answer?o
@kerrimcm1 said:
Re the MCQ on the audit opinion, I put unmodified and other matters paragraph as it didn’t mention anywhere that the issue was large enough to affect the going concern of the business so assumed the material uncertainty re going concern wasn’t correct and as it had been adequately disclosed, thought it was only necessary to draw attention to it using other matter? Anyone else think this?I thought the same, it didn’t mention that the issue was material, so went with unmodified with other matters paragraph.