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A Client Has a Calendar Year- End

Question 72

Multiple Choice

A client has a calendar year- end. Listed below are four events that occurred after 31 December. Which one of these subsequent events might result in adjustment of the 31 December financial statements?


A) Settlement of a litigation for a different amount from that recorded in the accounts
B) Collection of 90% of the accounts receivable existing at 31 December
C) Adoption of accelerated depreciation methods
D) Sale of a major subsidiary

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