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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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3 years ago
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mel-nik [20]
No because they aren't Fair
4 0
3 years ago
Potomac Industries is a manufacturer of high-definition televisions. The industry has gone through a period of rapid growth and
scZoUnD [109]

Answer:

Option B. Implement process innovations that lower per unit costs

Explanation:

The reason is that the controlling cost will give cost advantage over the competitors and will let the company to compete at a better platform making greater number of sales and driving maximum sales which will also give economies of scale. Economies of scale is the benefits of additional costs savings that comes with the additional manufacturing of the product which means that greater the manufacturing the greater would be the savings of costs. So economies of scales give competitive advantage over the rivals so the correct option is B.

8 0
3 years ago
Read 2 more answers
Which of the following statements about the role of institutions in economic growth is TRUE and which of the following statement
ki77a [65]

Answer:

Explanation:

(a) Expropriation has Truly been a major concern for the Government through out the globe, as the when an entity or body which is supposed to work for the good of the poor people by making use of the Government property starts dealing in illegal ways to grab it as private or work on other properties which are private in nature,

b) The European invasion of the many countries across the globe had initially been to gain ,more and more wealth and power through business.

However, it is true that the quality of the institutions colonized by the Europeans is related to whether the climate or the diseases in the colonized regime allowed the European settlers to live in those areas.

(c) It is true that the low quality institutions make it difficult to protect property rights and enforce contracts. The rights of the people are all dependent on how the State allows the people to enjoy them.  

(d) It is true that the low-quality institutions are central to the theory of poverty traps that states that countries need a big push to felicitate convergence in living standards to the developed world.

 

8 0
3 years ago
What does George’s master decide to do? Make George do field work March George across the country Help George become a gentleman
prohojiy [21]

Based on the events in the book, we know that George's master made George do field work.

This is from the book, Uncle Tom's Cabin.

<h3>What happens in Uncle Tom's Cabin?</h3>

George's master did not believe that George should be engaging in doing much else apart from working for him as he was his enslaved person.

He would therefore follow George to whatever activity he would be doing that wasn't field work to drag him back to the house to engage in field work.

In conclusion, option A is correct.

Find out more on Uncle Tom's Cabin at brainly.com/question/1623971.

6 0
2 years ago
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