The Following Are Material Events That Occurred for Virgil Ltd

question 42

Multiple Choice

The following are material events that occurred for Virgil Ltd between the reporting date and the date when the financial report is authorised for issue.
$\begin{array}{|l|l|}\hline \text { I}& \text { Bankruptcy of a customer that occurs after the reporting date } \\\hline \text { II } & \begin{array}{l}\text { Determination after the reporting date of the costs assets purchased before the } \\\text { reporting date }\end{array} \\\hline \text { III} & \begin{array}{l}\text { Decline in market value of investments after the reporting date of investments } \\\text { purchased before the reporting date }\end{array} \\\hline \mathrm{IV} & \text { Dividends declared after the reporting date } \\\hline \mathrm{V} & \text { A lawsuit filed by a customer after the reporting date } \\\hline \text { VI }& \text { Discovery of fraud that shows that the financial report is incorrect }\\\hline\end{array}$
Which of the following options identify all the non-adjusting events for Virgil Ltd,in accordance with AASB 110 Events After the Reporting Period?

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

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Definitions:

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A leadership style that blends innovation, risk-taking, and proactiveness, typically adopted in startups or organizations seeking significant growth.

Liquid Noncash Asset

Assets that can be quickly converted into cash without significantly affecting their value, but are not already in cash form.

Turnaround Plan

A strategy aimed at recovering a company from poor performance and financial difficulties to secure its long-term survival and growth.

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Strategies or measures taken to correct or solve a problem, issue, or situation over an extended period.