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| Which of the following statements about associates is correct? (1) Associates are accounted for in consolidated financial statements using the equity method. (2) A company must hold 20% or less of the voting rights of another company for it to be classed as an associate. (3) An associate is an entity in which the investor has significant influence. (4) When an associate is accounted for in group accounts, only the group’s share of the associate’s profit before tax is added to the group profit. A 1, 3 and 4 B 2, 3 and 4 C 1 and 3 D 3 and 4 |