Which of the Following Is the Appropriate Disclosure in the Financial

question 93

Multiple Choice

Which of the following is the appropriate disclosure in the financial statements for a contingent gain?

• A) Estimate the amount of the gain and make the appropriate journal entry
• B) Provide detailed disclosure of the gain in the notes
• C) No disclosure until the future event resolves itself
• D) None of these are correct

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Definitions:

Affirmative Action

is a policy or a set of policies designed to promote the opportunities of defined minority groups within a society to give them equal access to that of the majority.

Workforce Imbalance

A situation where there is a discrepancy in the supply and demand of workers, often referring to skills, gender, or demographic disparities.

Non-minorities

Individuals or groups not belonging to a socially, politically, or economically disadvantaged minority group.

Workers' Compensation Acts

Laws designed to provide financial and medical benefits to employees who are injured or become ill as a direct result of their job.