Which of the following statements best describes a subsequent event?
a. A subsequent event affects only subsequent reporting periods.
b. A subsequent event is, in some cases, reflected in the statements of the preceding period.
c. A subsequent event may occur any time after financial statements are issued.
d. A subsequent event is not covered by the independent auditor's report.
B
You might also like to view...
Name at least five types of information that should not be included on résumés when candidates are applying to companies in the U.S
What will be an ideal response?
At the beginning of the month, the Forming Department of Martin Manufacturing had 10,000 units in inventory, 30% complete as to materials, and 10% complete as to conversion. During the month the department started 60,000 units and transferred 62,000 units to the next manufacturing department. At the end of the month, the department had 8,000 units in inventory, 80% complete as to materials and 60% complete as to conversion. If Martin Manufacturing uses the weighted average method of process costing, compute the equivalent units for materials and conversion respectively for the Forming Department.
A. 65,400 materials; 66,800 conversion. B. 68,400 materials; 66,800 conversion. C. 58,400 materials; 56,800 conversion. D. 65,400 materials; 65,800 conversion. E. 59,000 materials; 61,000 conversion.
A ________ consists of all products?original as well as line and category extensions?sold under a particular brand
A) brand line B) cobrand C) generic brand D) licensed product E) subbrand
What should be the first step for a marketer upon finding out that one of the Falcon's Lair owners will be interviewed for a magazine article?
A) prepare the executive with facts and statistics B) write a new backgrounder about the executive C) post the issue's release date on the firm's Web site D) schedule the executive to practice answering questions E) ask the connector to clarify the purpose of the interview