When a Gain Contingency Is Probable and the Amount of Gain

question 63

Multiple Choice

When a gain contingency is probable and the amount of gain can be reasonably estimated, the gain should be:

• A)Reported in the income statement and disclosed.
• B)Offset against shareholders' equity.
• C)Disclosed, but not recognized in the income statement.
• D)Neither recognized in the income statement nor disclosed.

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Definitions:

Self-monitoring Device

A tool or application used to track personal behaviors, symptoms, or physiological states, often for the purpose of health management or psychological self-assessment.

Portable

Describes an object designed for easy transportation or a system that can be readily moved or transferred to different settings or devices.

Accessible

Easily approached, entered, used, or understood by a wide range of people, including those with disabilities.

Self-efficacy Expectations

An individual's belief in their own capability to execute behaviors necessary to produce specific performance attainments.