Answered: Which is the proper way to report a…

Which is the proper way to report a contingent asset? a. As an asset b. No disclosure and no accrua c. An unrealized revenue d. As a disclosure only

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Which is the proper way to report a contingent asset?

a. As an asset

b. No disclosure and no accrua

c. An unrealized revenue

d. As a disclosure only

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