The Following Events All Occurred After the Balance Sheet Date

question 77

Multiple Choice

The following events all occurred after the balance sheet date of 30 June 2012, but prior to the date of the audit report, 15 August 2012.Which one would require an adjustment to the account balances as at 30 June 2012?

• A) Unused equipment recorded at $100 000 at 30 June, 2012 was disposed of on 3 July 2012 for $60 000.
• B) Inventory valued at $100 000 on 30 June 2012 was destroyed by a fire on 1 August 2012.
• C) The client disposed of a major subsidiary on 30 July 2012.
• D) The auditee will market $2 million of preference shares on 31 July 2012.

Analyze the impact of genetics and cognition on sensory experiences and perceptions.

Understand the influence of mental expectations on sensory perception.

Recognize the role of selective attention and social influence in hypnosis.

Identify the impact of brain anatomy on different senses, including smell, taste, and kinesthetic sense.

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Definitions:

Compounded Annually

A method where interest is calculated once per year and added to the principal sum.

Withdrawals

The act of removing funds from a bank or investment account.

Compounded Monthly

Interest calculation method where interest is added to the principal balance monthly, affecting the total interest accrued over time.

Retirement Income

The amount of money or income a person receives after retiring from work, which can come from various sources such as pensions, investments, and savings.