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In accordance with GAAP, the action you should take when the company was served with a lawsuit is to provide a disclosure on financial statements regarding the pending litigation.
<h3>What is GAAP?</h3>
GAAP means Generally accepted accounting principles which is a accounting standards that guides the details, complexities and legalities of accounting.
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In conclusion, the action you should take when the company was served with a lawsuit is to provide a disclosure on financial statements regarding the pending litigation.
Missing word"The outcome of the litigation will not be determined for several months, but it could result in a materially large settlement to be paid by your corporation. According to GAAP, what action should you take?"
Read more about GAAP
<em>brainly.com/question/17895474</em>
Yeah that person explained it perfectly
Considering this question, the website visited is Walmart. Walmart's corporate mission is “<u>to save people money so they can live better.</u>"
Walmart's mission relates to the type of products the company sells because they offer plentiful commodities at everyday low prices to customers.
The mission statement does not surprise me about the company because it matches its operation as they claimed.
Hence, in this case, it is concluded that a mission statement is a great way to understand a company better.
Learn more about the mission statement here: brainly.com/question/24938435
Disturbance in configuration
