Type 1 subsequent events are events that
A) occur after the issuance of the financial statements.
B) require changes to amounts in the financial statements.
C) do not require changes to amounts in the financial statements.
D) occur after the end of the financial year and do not affect the financial statements.

Question

Quizplus · Accepted Answer

Type 1 subsequent events are events that occur after the issuance of the financial statements but before the financial statements are available to be issued. These events require changes to amounts in the financial statements, such as adjustment of the recognition of assets or liabilities.

Type 1 Subsequent Events Are Events That