A Gain Contingency That Is Reasonably Possible and for Which

question 62

Multiple Choice

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

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Definitions:

Penetrated

Successfully entered or accessed an area or market, often used in business contexts.

Under-Exploited

Resources or opportunities not fully utilized or maximized to their potential benefit.

Market

A venue or mechanism through which parties engage in the exchange of goods, services, or financial instruments.

Unknown Quantity

A variable or value in a mathematical equation or problem that is not directly known but can be calculated or estimated.