The Following Are Material Events That Occurred for Hervey Bay

question 59

Multiple Choice

The following are material events that occurred for Hervey Bay Plc between the reporting date and the date when the financial report is authorised for issue. $$\begin{array} { | l | l | } \hline \text { II } & \text { Acquisition of a major business competitor } \\\hline \text { III } & \text { Discovery of inventory items damaged by floods before the reporting date } \\\hline \text { IV } & \begin{array} { l } \text { Receipt of information after the reporting date indicating that an asset was } \\\text { impaired at reporting date }\end{array} \\\hline \mathrm { V } & \begin{array} { l } \text { Settlement of a court case outstanding for many years that confirms that the } \\\text { entity had a present obligation at the reporting date }\end{array} \\\hline \mathrm { VI } & \text { Major litigation arising solely out of events that occurred after the reporting date } \\\hline\end{array}$$ Which of the following options identify all the adjusting events for Hervey Bay Plc,in accordance with IAS 10 Events After the Reporting Period?

• A)I, III and VI
• B)II, III and VI
• C)III, IV, V and VI
• D)IV, V and VI

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Definitions:

Critical for Completing

Essential tasks or elements required to successfully finish a project or achieve a goal.

Critical Path Method

A project management technique that identifies the longest sequence of dependent tasks and calculates the minimum project duration.

PERT Chart

A resource for project administrators to schedule, coordinate, and organize project-related tasks.

Longest Line

The longest line could refer to the greatest distance between two points in a given set or the most extended queue of people or items arranged linearly.