Question: Gain contingencies are recorded. A. it is probable that a benefit will be received. B. the amount of the gain can be reasonably estimated. C.

Gain contingencies are recorded.

A. it is probable that a benefit will be received.

B. the amount of the gain can be reasonably estimated.

C. it is probable that a benefit will be received, and the amount of the gain can be reasonably estimated.

D. none of these answers is correct.

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:

1. Investigate SCR's Web site and learn about the company's history, purpose, and values. Is the site user-friendly? Why or why not? Provide at least four improvements you would suggest to Jesse. 2....

Q:

Gain contingencies are recorded when: it is probable that a benefit will be received. the amount of the gain can be reasonably estimated. it is probable that a benefit will be received, and the...

Q:

Gain contingencies are recorded when it is probable that a benefit will be received. the amount of the gain can be reasonably estimated. it is probable that a benefit will be received, and the amount...

Q:

Please complete the attached using an Excel spreadsheet to show your work for every problem. Ps I have now an hour left please only accept the project if you can complete it in an hour thank you Page...

Q:

Gain contingencies usually are recognized in a company's income statement when: Realized. B. The amount can be reasonably estimated. C. The gain is reasonably possible and the amount can be...

Q:

I. Gain contingencies usuall y are recognized in a company's income statement when: A. Realized. B. The amount can be reasonably estimated C. The gain is reasonably possible and the amount can be...

Q:

I. Gain contingencies usuall y are recognized in a company's income statement when: A. Realized. B. The amount can be reasonably estimated. C. The gain is reasonably possible and the amount can be...

Q:

2. (TCO 6) Each of the following but one represents collections for third parties. Which one of the following is not a collection for a third party? (Points : 4) Sales tax payable Customer deposits...

Q:

Gain contingencies usually are recognized in a company's income statement when: Select one: A . The gain is reasonably possible and the amount can be reasonable estimated. B . The amount can be...

Q:

Gain contingencies usually are recognized in a company's income statement when: Multiple Choice Realized. The amount can be reasonably estimated. The gain is reasonably possible and the amount can be...

Q:

1. Under which set of rules is the term "revaluation surplus" permitted? A) US GAAP B) IFRS C) Martian GAAP 2. The acid-test ratio excludes which of the following from the numerator? A) Cash B)...

Q:

A company reports the following: Net sales $2,400,000 Average total assets 1,600,000 Determine the ratio of net sales to assets.

Q:

Does a state have the right to punish those who assist the terminally ill to commit suicide?

Q:

Inventory Turnover Measures The speed of recovering cash from the customers Liquidity and the efficiency in turning inventory into sales The amount of revenue required to purchase inventory None of...

Q:

Balance the following chemical equation (if necessary): (NH.):PO:(aq) + MgCl:(aq) Mg-(PO.):(s) + NH.CI(aq)|

Q:

Revenue Journal; Accounts Receivable subsidiary and General Ledgers Sage Learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the...

Q:

Ben City maintains its books and records in a manner that facilitates the preparation of fund financial statements. Prepare all necessary journal entries to record the following events related to...

Q:

A Day in the Life Rachel, the project manager of a large information systems project, arrives at her office early to get caught up with work before her co- workers and project team arrive. However,...

Q:

Malti Venkatesan was sitting at her desk considering a perplexing problem. She was supposed to meet with Amar Dev Sahasane, her operations manager at EXCEL Corp., and discuss her ideas for curbing...

Q:

Problem 14.2 Question Help You have developed the following simple product structure of items needed for your gift bag for a rush party for prospective pledges in your organization. You forecast 200...

Q:

Armed conflicts.

Q:

Take responsibility for the other persons or others experience of the situation.

Q:

Pollution