Examlex
Examine the words and/or phrases below and determine the relationship among the majority of words/phrases. Choose the option that does not fit the pattern.
Accrual
Accrual accounting records revenues and expenses when they are earned or incurred, regardless of when cash transactions occur.
Loss Contingencies
Possible financial losses that companies may face as a result of future events that have uncertain outcomes, necessitating disclosure in financial statements if they are both probable and estimable.
Gain Contingencies
Gain contingencies are potential increases in economic benefits to an organization that arise from events whose outcomes or realizations are uncertain until they occur.
Fiscal Year
A one-year period that companies and governments use for financial reporting and budgeting, which does not necessarily align with the calendar year.
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