Auditing & Assurance Services (Auditing and Assurance Services)
Auditing & Assurance Services (Auditing and Assurance Services)
7th Edition
ISBN: 9781259573286
Author: Timothy J Louwers, Allen Blay, David Sinason Associate Professor, Jerry R Strawser, Jay C. Thibodeau Associate Professor
Publisher: McGraw-Hill Education
Question
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Chapter 11, Problem 65EP

a.

1.

To determine

Explain the term subsequent event.

2.

To determine

Explain the two types of subsequent events. Also, examine the appropriate financial statements presentation of each type.

3.

To determine

Explain the procedure that should be performed to ascertain the existence of subsequent events.

b.

1.

To determine

Identify the essential elements of a contingent liability.

2.

To determine

State the manner through which the contingent liability should be disclosed in the financial statements.

c.

To determine

State the reason how a subsequent event may relate to a contingent liability. Also, provide an example in support of the answer.

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Chapter 11 Solutions

Auditing & Assurance Services (Auditing and Assurance Services)

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