Gain Contingencies Usually Are Recognized in a Company's Income Statement

question 27

Multiple Choice

Gain contingencies usually are recognized in a company's income statement when:

• A)The gain is certain.
• B)The amount is reasonably estimable.
• C)The gain is reasonably possible and the amount is reasonably estimable.

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Definitions:

Piaget

A Swiss psychologist known for his developmental stage theory that describes how children's cognitive abilities evolve.

Postconventional Moral Reasoning

The highest stage in Kohlberg's moral development theory, where individuals make decisions based on universal ethical principles.

Secondary Sex Characteristics

Physical features that emerge during puberty but are not directly involved in reproduction, such as breast development in females and facial hair growth in males.

Germinal Stage

The initial stage of human development that occurs in the first two weeks after conception, involving rapid cell division and the beginning of cell differentiation.