A Gain Contingency Is an Existing Uncertain Situation That Might

question 135

True/False

A gain contingency is an existing uncertain situation that might result in a gain,which often is the flip side of loss contingencies.

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Definitions:

Raw Materials

The unprocessed natural resources or substances that are used in the manufacturing of goods, providing the basic material from which products are made.

Finished Products

Goods that have completed the manufacturing process but have not yet been sold or distributed to the end user.

JIT Action

An initiative or measure taken to implement Just-In-Time production, aiming to reduce waste by receiving goods only as they are needed in the production process.

Inventory

Inventory is the quantity of goods that a business has on hand, including materials, components, and finished products.