Why not give an creative answer. I'm pretty sure your teacher wants your opinion on this topic not some else's opinion otherwise that is plagiarism. Remember there are no wrong answers on this kind of topic.
Answer:
Type I subsequent event
Explanation:
The reason is that there are two types of subsequent events which includes a recognizable event and a non-recognizable event. In the Recognizable event which is also known as type 1 subsequent events is the event that has occurred at the financial statement date and is concluded after the year end. So in this case, the event had occured at the financial statement date which the auditor and the company didn't knew about and has been concluded in the subsequent period.
A strength of the market economy is that resources are used efficiently.
<h3>What is a market economy?</h3>
- A market economy is an economic system in which all suppliers and consumers are unhindered by price controls or restrictions on contract freedom and where decisions regarding investment, production, and distribution to consumers are guided by the price signals created by the forces of supply and demand.
- The existence of factor markets that control the distribution of capital and the elements of production is a key feature of a market economy.
<h3>What are a market economy's four characteristics?</h3>
- A market economy is characterized by private property, freedom, self-interest, competition, and minimal government involvement.
- In a market economy, supply and demand are the driving forces.
Learn more about the market economy here:
brainly.com/question/2343400
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