What is a contingency? a. An existing situation where uncertainty exists as to possible gain or loss that will not be resolved in the foreseeable future. b. An existing situation where certainty exists as to a gain or loss that will be resolved when one or more future events occur
What is a contingency? a. An existing situation where uncertainty exists as to possible gain or loss that will not be resolved in the foreseeable future. b. An existing situation where certainty exists as to a gain or loss that will be resolved when one or more future events occur
What is a contingency? a. An existing situation where uncertainty exists as to possible gain or loss that will not be resolved in the foreseeable future. b. An existing situation where certainty exists as to a gain or loss that will be resolved when one or more future events occur
a. An existing situation where uncertainty exists as to possible gain or loss that will not be resolved in the foreseeable future.
b. An existing situation where certainty exists as to a gain or loss that will be resolved when one or more future events occur or fail to occur.
c. An existing situation where uncertainty exists as to possible loss that will be resolved when one or more future events occur.
d. An existing situation where uncertainty exists as to possible gain or loss that will be resolved when one or more future events occur or fail to occur.
part 2. Which of the following is the proper way to report some gain contingencies?
a. As an account receivable with additional disclosure explaining the nature of the contingency.
b. As a disclosure only.
c. As deferred revenue.
d. As an accrued amount.
Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.
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