What are the types of subsequent events relevant to financial statement audits? Give one example of each type of subsequent event that might materially affect the finan- cial statements
All Answers
total answers (1)
total answers (1)
Accounting
ex for Type 1
- a bad debt from the outstanding sundry debtors of a company, as the customer who owed money to the company became insolvent
- litigation was settled after the date of the balance sheet in order to pay the claims raised by the injured parties
need an explanation for this answer? contact us directly to get an explanation for this answerex for Type 2