The term "present magnitudes" refers to:
A)conditions known at the time of an event.
B)conditions known only at a later date.
C)events that will significantly affect the financial statements.
D)none of the above.

Question

Quizplus · Accepted Answer

Present magnitudes refer to the conditions that are known at the time of an event or transaction. It is used to determine the financial impact of the event on the company's financial statements.

The Term "Present Magnitudes" Refers To