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For each of the following subsequent [post-balance-sheet] events, indicate whether a company should [a] adjust the financial statements, [b] disclose in notes to the financial statements, or [c] neither adjust nor disclose.

  A. Retirement of the company president.

  B. Prolonged employee strike.

  C. Loss of a significant customer.

  D. Issuance of a significant number of shares of common stock.

  E. Material loss on a year-end receivable because of a customer’s bankruptcy.

  F. Hiring of a new president.

  G. Settlement of prior year’s litigation against the company.

  H. Merger with another company of comparable size.

  I. Settlement of federal tax case at a cost considerably in excess of the amount expected at year-end.

  J. Introduction of a new product line.

  K. Loss of assembly plant due to fire.

  L. Sale of a significant portion of the company’s assets.

Basic Finance, Finance

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  • Reference No.:- M916021

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