When a Gain Contingency Is Probable and the Amount of Gain

question 1

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 stockholders' equity.
• C)Disclosed,but not recognized in the income statement.
• D)Reported in the income statement,but not disclosed.

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Definitions:

Heart Attack

A medical condition that occurs when the blood flow to a part of the heart is blocked for a long enough time to cause damage or death to heart muscle.

Hypertension

A chronic medical condition where the blood pressure in the arteries is persistently elevated.

Heart Attack

A medical condition that occurs when the blood flow to the heart is blocked, causing heart muscle damage or death.

Blood Supply

The provision of blood to different parts of the body, facilitated by the circulatory system.