Where an Event Occurring After the End of the Reporting

question 27

Multiple Choice

Where an event occurring after the end of the reporting period provides new information that does not relate to conditions existing at year end and, if its non-disclosure has the potential to adversely affect decisions made by users of the financial statements:

• A)it is required to be disclosed in the notes to the accounts.
• B)it is an adjusting event.
• C)it is a non-adjusting event.
• D)a and C

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Definitions:

Collectivism

The principle of giving a group priority over each individual in it.

Group Identification

The psychological process by which an individual aligns themselves with the norms, values, and beliefs of a particular group.

Respect For The Elderly

The practice of showing honor and consideration to older individuals, recognizing their contributions and wisdom.

Individualism

A thought school in societal studies that places the freedom of the individual as paramount, in contrast to control by the collective or state.