Which of the Following Is the Proper Way to Report

question 50

Multiple Choice

Which of the following is the proper way to report a probable contingent asset?

• A) as a disclosure only
• B) as a deferred revenue
• C) as an accrued revenue
• D) as an increase to receivables

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Definitions:

Economic Thinking

The process of analyzing problems with an emphasis on the allocation of scarce resources, and the trade-offs and opportunity costs involved in decision-making.

Red Automobiles

Vehicles painted in a red hue, often chosen for their bold appearance and potential resale value implications.

Government Tax

A government tax is a mandatory contribution imposed by the government on individuals, corporations, and transactions to raise revenue for public projects and services.

Drink And Drive

The illegal act of operating a motor vehicle while under the influence of alcohol, which impairs cognitive and motor skills.