Question: A gain contingency that is reasonably possible and for which the amount can be reasonably estimated should be a. accrued. b. disclosed but not accrued.

A gain contingency that is reasonably possible and for which the amount can be reasonably estimated should be

a.

accrued.

b.

disclosed but not accrued.

c.

neither accrued nor disclosed.

d.

classified as an appropriation of retained earnings.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Ocean water is processed in a desalinization plant on the coast and transported by a pipeline to a city water plant 60 km inland as shown in Figure P6.23. Fresh water flows in the horizontal pipeline...

Q:

A gain contingency that is reasonably possible and for which the amount can be reasonably estimated should be ________. accrued neither accrued nor disclosed classified as an appropriation of...

Q:

A gain contingency that is reasonably possible and for which the amount can be reasonably estimated should be ________. accrued neither accrued nor disclosed classified as an appropriation of...

Q:

How should a company handle a contingency that is reasonably possible and for which the amount can be reasonably estimated? The estimated amount should be accrued, but the contingency need not be...

Q:

(Multiple Choice) 1. Which of the following is classified as an accrued payroll liability? Federal Income Employees Share Tax Withheld of F.I.C.A. Taxes a. No ............Yes b. No ............ No c....

Q:

Which of the following is classified as an accrued payroll liability? Federal Income Tax Withheld Employee's Share of FICA Taxes a. No Yes b. No No c. Yes No D. Yes Yes How should a loss contingency...

Q:

Illustration 15 Comoros Itd. is preparing the financial statements at December 31, 2013. During 2013, a worker fell while undertaking duties at the inspection unit. The employee has filed a lawsuit...

Q:

A threat of expropriation of assets that is reasonably possible, and for which the amount of loss can be reasonably estimated, is an example of a (an) Loss contingency that should be disclosed, but...

Q:

Please help with all questions 1./. December 20, 20X3. Fort. Inc. issues 1,000 of its 8%, ten-year, $1,000 face value bonds with On stock warrants at par. Each bond carried a detachable warrant for...

Q:

Management can estimate the amount of loss that will occur if a foreign government expropriates some company assets. If expropriation is reasonably possible, a loss contingency should be: A ....

Q:

Orange Co. can estimate the amount of loss that will occur if a foreign government expropriates some of the company's asset in that country. If expropriation is reasonably possible, a loss...

Q:

When do birds use their teeth?

Q:

Shanquayle Jenkins needs to calculate the effective interest rate of a simple discount note for $19,750, at an ordinary bank discount rate of 7.82%, for 90 days. Find the effective rate rounded to...

Q:

4 Choose suitable words/phrases from the following list to correctly complete the paragraph that follows: Word list: actuators adaptive controller end-effectors environment intelligence...

Q:

\f

Q:

2. How did business and political interests influence what early intercultural communication researchers studied and learned?

Q:

4. Explain the strengths and weaknesses of each approach.

Q:

1. Identify four early foci in the development of intercultural communication.