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The following event occurred after the company's year-end but before the completion of the audit. For this subsequent event, determine whether the event:
•requires an adjustment to the year-end financial statements,
•requires note disclosure, or
•requires neither adjustment to recognized amounts nor disclosure.
The company experiences a major labour strike. Workers are still on strike when the audit is finished. Does your answer change if this strike might force the company into bankruptcy? (Justify your recommendation).
Sanctions
Measures taken by a country or international body to enforce international law, often involving trade restrictions or economic measures.
Deviant
An individual whose actions, beliefs, or behavior diverge significantly from societal norms or expectations.
Constructionist Perspective
A sociological approach that emphasizes the role of social processes and interactions in the creation of social realities.
Constructionist Sociologists
Sociologists who subscribe to the theory that reality is socially constructed, emphasizing the ways in which social phenomena are created, institutionalized, and made into tradition by humans.
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