In Relation to a Set of 2015 Basic Financial Statements,a

question 26

Multiple Choice

In relation to a set of 2015 basic financial statements,a subsequent event is one that

• A) occurs before the 2015 financial statements are issued.
• B) involves uncertainty as to possible gain or loss that will ultimately be resolved in 2016 or later.
• C) occurs after the 2015 financial statements are issued.
• D) requires an appropriate adjusting entry to be made as of the end of 2015.

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Definitions:

Displaced Persons Act

A law enacted by the United States in 1948 to help European refugees displaced by World War II, allowing for their admission into the U.S. beyond existing immigration quotas.

Executive Order 9981

A historic executive order issued by President Harry S. Truman in 1948, which abolished racial discrimination in the U.S. military.

Marshall Plan

A US initiative to aid Western Europe after World War II, providing economic assistance to help rebuild European economies and prevent the spread of communism.

Soviet Annexation

The forceful acquisition and incorporation of territory by the Soviet Union into its sovereign boundaries, typically against the will of the annexed territory's populace.