Your company was recently served with a lawsuit quizlet.

1 answer:

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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.

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?"

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