A Contingent Gain That Is Likely and Can Be Reasonably

question 24

Multiple Choice

A contingent gain that is likely and can be reasonably estimated should be:

• A)disclosed in a note to the financial statements.
• B)accrued with a journal entry.
• C)either disclosed in a note or accrued with a journal entry.
• D)ignored until the actual gain materializes.

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Definitions:

Corporate Philanthropy

The act of a corporation donating resources, including money, time, or products, to non-profit organizations or causes for the social good.

Employee Engagement

The degree to which workers are enthusiastic about their roles, dedicated to their employer, and willingly go above and beyond in their tasks.

Project ROI

Stands for "Return on Investment" in a project context, measuring the profitability of an investment compared to its cost.

Situation Analysis

An assessment process to identify the current state and conditions affecting an organization or project, considering internal and external factors.