Gain Contingencies Must Be Accrued If They Are Probable and Can

question 126

True/False

Gain contingencies must be accrued if they are probable and can reasonably be estimated.

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Definitions:

Validly Accept

The proper agreement to an offer according to predefined rules, which results in a binding contract.

Legal Acceptance

The formal acknowledgment by the party to whom an offer has been made, agreeing to the terms of the offer, resulting in a binding contract.

True Value

An accurate assessment of an item's worth, based on its current condition and market demand.

Non-Obvious

In the context of patents, it refers to an invention that is not evident to someone with ordinary skill in the particular field of the invention.