Once the Final Outcome of a Transaction or Event Occurs

question 65

Multiple Choice

Once the final outcome of a transaction or event occurs _______.

• A)it is expected that there will be a difference between the outcome of the accounting estimate and the amount originally recognized or disclosed in the financial statements
• B)it is expected that there will be no difference between the outcome of the accounting estimate and the amount originally recognized or disclosed in the financial statements
• C)the amount should be adjusted to match the estimated balance
• D)the auditor should not concern themselves with investigating abnormally large variances

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Definitions:

Trichomoniasis Vaginalis

A sexually transmitted infection caused by the parasite Trichomonas vaginalis, leading to vaginal discharge and itching.

Renal Disease

A broad term for conditions, disorders, and diseases affecting the kidneys' ability to function properly.

Proteinuria

An excess of protein in the urine.

Glycosuria

The presence of significant levels of glucose in the urine.