The Issuance of Bonds by the Client Subsequent to the Balance

question 104

True/False

The issuance of bonds by the client subsequent to the balance sheet date would require a footnote disclosure in, but no adjustment to, the financial statements under audit.

---

Definitions:

Basic Research

Research conducted to increase fundamental knowledge and understanding, without a specific practical aim or application.

Applied Research

Research aimed at solving practical problems and improving human life and conditions through direct applications of scientific knowledge.

General Knowledge

Broad, basic information and facts about a wide range of subjects that are considered common understanding.

Labor Productivity

A measure of the economic output produced per unit of labor input.