In Relation to a Set of 2012 Basic Financial Statements

question 4

Multiple Choice

In relation to a set of 2012 basic financial statements, a subsequent event is one that

• A) occurs before the 2012 financial statements are issued.
• B) involves uncertainty as to possible gain or loss that will ultimately be resolved in 2013 or later.
• C) occurs after the 2012 financial statements are issued.
• D) requires an appropriate adjusting entry to be made as of the end of 2012.

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Definitions:

Epigenetics

The study of changes in organisms caused by modification of gene expression rather than alteration of the genetic code itself.

Gene Expression

The process by which the instructions in our DNA are converted into a functional product, such as a protein.

Genetics

The branch of biology concerned with the study of genes, genetic variation, and heredity in organisms.

Lemon Juice Test

A psychological test used to measure introversion and extroversion based on the saliva production in response to tasting lemon juice.