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Q16 Single choice

P, Q, and R are children of a mid-level parent entity, AceCo. In February each entity has cash in the amounts of 10, 20, and 30, respectively, and AceCo has been consolidated and has cash of 60. A prior 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.

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