Northridge Hospital is an investor-owned, Tor-profit hospital. The hospital maintains its financial records on a calendar year. In February, after the end of the latest fiscal year, but prior to the date of the release of its financial statements for the year, Northridge suffers a fire that causes the closure of one of the patient wings. Repairs will take a minimum of 90 days to complete to allow the wing to be reopened. 

What is  accounting principle requires that this event be disclosed in the hospital's financial statements?

Answer rating: 100% (QA)

The accounting principle that requires the disclosure of the fire event in Northridge Hospitals fina... View the full answer