F2 - M3 - Subsequent Events

Question 1

A ___________ is an event or transaction that occurs after the balance sheet date but before the financial statements are issued or are available to be issued.

Answer 1

subsequent event

Question 2

A subsequent event is an event or transaction that occur after the ___________ date but before_________________

Answer 2

after the balance sheet date; the financial statements are issued or are available to be issued

Question 3

Recognized subsequent events provide additional information about conditions that existed _____________, Entities must recognize the effects of all recognized subsequent events in __________

Answer 3

at the balance sheet date; the financial statements.

Question 4

Nonrecognized subsequent events provide information about conditions that occurred after ____________ and __________ . Entities should not include nonrecognized subsequent events in the financial statements.

Answer 4

after the balance sheet date and did not exist at the balance sheet date

Question 5

How should you recognize subsequent events that occurred after the balance sheet date but before the issued or available.

Answer 5

recording a JE and Disclose

Question 6

An entity that files financial statements with the Securities and Exchange Commission (SEC) must evaluate subsequent events through ______________________

Answer 6

the date that the financial statements are issued.

Question 7

All other entities (not filing with SEC) must evaluate subsequent events through the date that the financial statements are _____________.

Answer 7

available to be issued

Question 8

When an entity reissues its financial statements, the entity should not recognize events that occurred between __________, unless an adjustment is required by GAAP or other regulatory requirements.

Answer 8

the date the original financial statements were issued or available to be issued and the date that the financial statements were reissued

Question 9

When an entity reissues its financial statements, the entity should not recognize events that occurred between the date the original financial statements were issued or available to be issued and the date that the financial statements were reissued, unless an adjustment is required by _______________(2).

Answer 9

by GAAP or other regulatory requirements

Question 10

Revised financial statements are considered _________________

Answer 10

reissued financial statements.

Question 11

Recoveries of these losses in subsequent periods should be recognized as gains, but only to the extent of _________________

Answer 11

losses recognized in previous interim periods of the same fiscal year.