Zoo Ltd, a Disclosing Entity, Has a Financial Year End

question 28

Multiple Choice

Zoo Ltd, a disclosing entity, has a financial year end of 31 March.On 10 April 20X4, the auditors discovered some equipment in a remote warehouse that had not been recognised in Zoo Ltd's financial statements.This equipment had been Zoo Ltd's property for about five years.
These assets should:

• A)be recognised in the financial statements for the financial year ended 31 March 20X4
• B)not be recognised in the financial statements
• C)be recognised in the financial statements for the financial year ended 31 March 20X5
• D)be recognised in the half year financial statements for the half year ended 30 September 20X4

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Definitions:

Philanthropy Model

A business strategy that incorporates charitable activities or donations as a core part of its operations to support social causes.

Volunteer Hours

The time donated by individuals to work for an organization or cause without financial compensation.

Sustainability Vision

A strategic approach that integrates environmental, social, and economic considerations into long-term business planning with the goal of fostering resilience and responsibility.

Stakeholders

Individuals, groups, or organizations that have an interest or concern in an organization's activities, performance, and decisions.