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Cadish Cadish
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6 years ago
The following events all occurred after the balance sheet date (6/30/12) but prior to the auditor's report (9/10/12). Which one would require an adjustment to the account balances as of 6/30/12?
A) Client will market a new series of equity securities ($2 million of preferred stock) on 8/1/12.
B) Unused equipment on the books at 6/30/12 for $100,000 was disposed of 7/31/12 for $60,000.
C) Securities costing $30,000 held for temporary investment on 6/30/12 declined in value by one-third when the market took a plunge on 8/15/12.
D) Inventory valued at $100,000 on 6/30/12 was destroyed in a fire on 8/1/12.
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Auditing: The Art and Science of Assurance Engagements, Canadian Edition

Auditing: The Art and Science of Assurance Engagements, Canadian Edition


Edition: 12th
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Auditing: The Art and Science of Assurance Engagements, Twelfth Canadian Edition, 12/E (Arens, Elder, Beasley, Splettstoesser)
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inthe80sinthe80s
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Cadish Author
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5 years ago
Thanks for helping me with this
Auditing: The Art and Science of Assurance Engagements, Twelfth Canadian Edition, 12/E (Arens, Elder, Beasley, Splettstoesser)
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