Gain Contingencies That Are Remote and Can Be Reasonably Estimated

question 21

Multiple Choice

Gain contingencies that are remote and can be reasonably estimated

• A) must be disclosed in a note to the financial statements.
• B) may be disclosed in a note to the financial statements.
• C) must be reported in the body of the financial statements.
• D) should not be reported or disclosed.

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Definitions:

Work Standards

Established criteria or benchmarks that define the expected quality, productivity levels, and performance measures for specific tasks or jobs.

Task Completion

The act of finishing a specific duty or assignment fully, meeting all its requirements and objectives.

Performance Monitoring

The continuous process of observing and measuring the effectiveness and efficiency of an individual’s or organization’s performance.

Concern For People

Refers to the degree to which a leader or management prioritizes the welfare, needs, and interests of the employees in an organization.