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xxMikexx [17]
2 years ago
15

Your company was recently served with a lawsuit quizlet.

SAT
1 answer:
zlopas [31]2 years ago
4 0

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.

<h3 />

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>

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<span>Members lifted weights: W=32%
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<h3>What is a competitive market?</h3>

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The characteristics of a competitive market are:

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