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:

Continuous Improvement

A continuous endeavor to improve products, services, or processes by making both small and significant advancements.

W. Edwards Deming

An American engineer, statistician, professor, author, lecturer, and management consultant, known for his work in the field of quality management.

Wagner Act

U.S. legislation passed in 1935 that established the rights of employees to unionize, engage in collective bargaining, and take collective action, including striking.

Collective Bargaining

The process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights.