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Which of the following is the proper way to report a gain contingency

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Which of the following is the proper way to report a gain contingency 1. Which of the following is an example of a contingent liability? a. Obligations related to product warranties. b. Possible receipt from a litigation settlement. c. Pending court case with a probable favorable outcome. d. Tax loss carryforwards. 2. Which of the following terms is associated with recording a contingent liability? a. Possible. b. Likely. c. Remote. d. Probable. 3. Which of the following is the proper way to report a gain contingency? a. As an accrued amount. b. As deferred revenue. c. As an account receivable with additional disclosure explaining the nature of the contingency. d. As a disclosure only. 4. Which of the following contingencies need not be disclosed in the financial statements or the related notes? a. Probable losses not reasonably estimable b. Environmental liabilities that cannot be reasonably estimated c. Guarantees of indebtedness of others d. All of these must be disclosed. 5. Which of the following sets of conditions would give rise to the accrual of a contingency under current generally accepted accounting principles? a. Amount of loss is reasonably estimable and event occurs infrequently. b. Amount of loss is reasonably estimable and occurrence of event is probable. c. Event is unusual in nature and occurrence of event is probable. d. Event is unusual in nature and event occurs infrequently. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

Which of the following is the proper way to report a gain contingency

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