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:

Indirection Operator

The '*' operator in C and C++, used to access the value at the address pointed to by a pointer variable.

C

A versatile, procedural programming language designed for general use that allows structured programming, defines the scope of variables lexically, and supports recursive functions.

Linked List

A data structure that consists of nodes where each node contains data and a reference (or link) to the next node in the sequence.

Self-Referencing

Involves an element or structure in computing that refers back to itself to establish relationships or define recursive operations.