A Client Has a Calendar Year-End

question 42

Multiple Choice

A client has a calendar year-end.Listed below are four events that occurred after December 31.Which of these subsequent events might result in adjustment of the December 31 financial statements?

• A)adoption of accelerated depreciation methods
• B)write-off of a substantial portion of inventory as obsolete
• C)collection of 90% of the accounts receivable existing at December 31
• D)sale of a major subsidiary

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Definitions:

Parent-Teacher Conferences

Meetings between a student's parents or guardians and teachers to discuss the student's progress, needs, and any concerns or achievements in their education.

Academic Progress

The measurement of how much a student has learned and improved in their knowledge and skills over a specific period in an educational setting.

Mandatory

Something that is required by law or rules; obligatory.

Principal

The head administrator of a school, responsible for overseeing the daily operations, staff, and well-being of students.