The correct answer is:
|
|
Subsidiary |
Associate |
|
Q Co |
X |
|
|
R Co |
X |
|
|
S Co |
|
X |
S Co is an associate as we can assume that P Co 's shareholdings in S Co give P Co significant influence over S Co. R Co is a subsidiary as P Co has the right to appoint or remove the directors of R Co, and so control it.
