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MatroZZZ [7]
3 years ago
6

Required information Subsequent Events-Two Types Read the overview below and complete the activities that follow Oftentimes a CP

A's opinion on the fairness of the financial statements may be changed by subsequent events. Subsequent events are events that happen after the balance sheet date but before the financial statements are issued. Auditors have responsibility for evidence not available at the close of the period but which becomes available before the auditors finish their fieldwork and issue their opinion. Subsequent events are divided into two categories: Type 1 are those providing additional evidence about facts existing on or before the balance sheet date and Type 2 are those involving facts coming into existence after the balance sheet date. CONCEPT REVIEW: Accounting standards divide subsequent events into two categories--those that provide more information about facts that already existed at the balance sheet date (Type 1 and those that involve facts after the balance sheet date (Type 2). Match each definition or example with the correct type of subsequent event. During the audit, a customer with a large A/R balance at year-end declares bankruptcy A lawsuit that was in progress as of year-end was settled shortly thereafter Type 1 Type 2 A flood damages a significant portion of the operating facility after year-end. Conditions that have come into existence after the balance sheet date Additional evidence about conditions that existed at the balance sheet date. Reset
Business
1 answer:
Drupady [299]3 years ago
7 0

Answer:

Explanation:

Situation                                                            Type Logic

During the audit, a customer with a large A/R balance at year end declares bankruptcy Type 1 Facts were available on balance sheet date

a lawsuit…...thereafter Type 1 Facts were available on balance sheet date

A flood damages….after year end Type 2 Facts were not available on balance sheet date

Conditions that….after the balance sheet date Type 2 Facts were not available on balance sheet date

Additional evidence….balance sheet date Type 1 Facts were available on balance sheet date

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Jason, a police officer, strongly believes in justice and does not accept bribes from others. According to Kohlberg's stages of
Fantom [35]

Answer:

postconventional level of moral development

Explanation:

Kohlberg's postconventional level of moral development says people now realise that some soceital laws are unjust and needs to change. They realise that people can disobey soceital norms based on their personal principles.

Principles could include human rights, justice, freedom of speech among others.

In this instance Jason has a strong sense of justice and this makes him not to collect bribes.

6 0
3 years ago
Interview questions typically focus on all of the following except 
siniylev [52]
A. Age and Disability.

i think.
8 0
2 years ago
When a firm gets so large that coordination and management of workers and other inputs becomes costly and difficult, it is exper
elena55 [62]

Answer:

The correct answer is the option A: Diseconomies of scales.

Explanation:

To begin with, the concept known as <em>''diseconomies of scales''</em>, in the field of economics and management, refers to the situation where an organization finds itself in problems due to the fact that a large production is being produced by them and the coordination and management of that large production is beginning to cause trouble and that impacts in the fact that the company will produce good or services with an increase in the cost per unit of the products.

7 0
2 years ago
Services differ from manufacturing for all of the following reasons EXCEPT: a. Heterogeneity b. Time-perishable capacity c. Simu
wolverine [178]

Answer:C. Simultaneous production and consumption.

Explanation:

Production and consumption occuring at the same time will not make products to differ.

Heterogenity which refers to different qualities in firms will lead to different products. Time perishable capacity which means idle time during low patronage will still allowed products differences, Abilities to limit the discretionary input of personnel will not debar product differences and Customer provides significant input into the process will allowed products differences.

4 0
2 years ago
In 2017, John opened an investment account with Randy Hansen, who held himself out to the public as an investment adviser and se
yulyashka [42]

Answer:

The relevant tax issues are as follows:

- Is the loss a theft loss or an investment loss?

- Is the loss subject to either the personal loss limits or the limits on itemized deductions?

- How is the amount of the loss determined?

- In which year can the loss be taken?

- Is there a way to receive a tax benefit for the full amount of income recognized in prior years?

The irrelevant tax issue is:

- Did John have other casualty or theft losses within the last five years?

Explanation:

In this scenario John invested and provided Randy with a power of attorney to use $200,000 to purchase and sell securities on his behalf.

The earnings were to be reinvested, but John realised in 2020 that Randy was running a Ponzi scheme and his account was zero.

As John will most likely not be possible a casualty loss may be allowed.

Since the loss happened in 2017 when he invested the theft loss will be deducted in that year.

He will be able to deduct his losses under 165.

Deductions are allowed for losses in a tax year that is not covered by insurance.

Losses that can be claimed are limited to:

- Losses in business or trade

- Losses in transactions for profit

- Losses as a result of theft, fire, storm, or shipwreck.

5 0
3 years ago
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