A Type II Subsequent Event Usually Requires

question 36

Multiple Choice

A Type II subsequent event usually requires:

• A)an adjustment to the financial statements and the footnotes.
• B)an adjustment to the financial statements but no special disclosure is required.
• C)disclosure in the footnotes.
• D)neither an adjustment to the financial statements nor disclosure in the footnotes.

---

Definitions:

Circumstantial Evidence

Indirect evidence offered to establish, by inference, the likelihood of a fact that is in question.

FOIA

The Freedom of Information Act (FOIA) is a United States federal law that grants the public the right to request access to records from any federal agency, aimed at ensuring government transparency.

National Security

National Security involves the protection and preservation of a nation's safety, sovereignty, and interests against threats and aggression.

Trade Secrets

are a type of intellectual property consisting of formulas, practices, processes, designs, instruments, patterns, or compilations of information that have economic value because they are not generally known or readily ascertainable.