If a subsequent event relates to a condition that existed at the balance sheet date, then the financial statements should be adjusted.

Name: If a subsequent event relates to a condition that existed at the balance sheet date, then the financial statements should be adjusted.
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Question

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If a subsequent event provides additional evidence about conditions that existed at the balance sheet date, the financial statements should be adjusted to reflect this information.

If a Subsequent Event Relates to a Condition That Existed