Subsequent events affecting the realization of assets ordinarily will require an adjustment of the financial statements under examination because such events typically represent
A) the culmination of conditions that existed at the balance sheet date.
B) additional new information related to events that were in existence on the balance sheet date.
C) final estimates of losses relating to casualties occurring in the subsequent events period.
D) preliminary estimate of losses relating to new events that occurred subsequent to the balance sheet date.

Question

Quizplus · Accepted Answer

The Answer of Subsequent events affecting the realization of assets ordinarily will require an adjustment of the financial statements under examination because such events typically represent
A) the culmination of conditions that existed at the balance sheet date.
B) additional new information related to events that were in existence on the balance sheet date.
C) final estimates of losses relating to casualties occurring in the subsequent events period.
D) preliminary estimate of losses relating to new events that occurred subsequent to the balance sheet date.

Subsequent Events Affecting the Realization of Assets Ordinarily Will Require