Question

In: Statistics and Probability

Which of the following is the proper way to report a contingent asset, receipt of which...

Which of the following is the proper way to report a contingent asset, receipt of which is virtually certain? a. As an asset. b. As unearned revenue. c. As a disclosure only. d. No disclosure or accrual required

Solutions

Expert Solution

option C is correct

. c. As a disclosure only

(GAAP require a disclosure note for contingent asset but no recording of above)

orchestra answered 1 year ago
Next > < Previous

Related Solutions

Explain the rules for the reporting of contingent liabilities. Why do we report contingent liabilities but...
Explain the rules for the reporting of contingent liabilities. Why do we report contingent liabilities but not contingent gains?
Why is it important that companies report contingent liabilities ?
Why is it important that companies report contingent liabilities ?
Which of the following is not an example of a document of title? warehouse receipt bill...
Which of the following is not an example of a document of title? warehouse receipt bill of lading straight bill of lading air bill bill of sale Which of the following is not a type of arrangement where goods may be returned to the seller? sale on approval sale or return consignment sale sale of revocation Lead paint was an issue with many children's toys that were being sold in the United States. To oversee the standards for product safety,...
Which of the following would be considered a personal contingent liability for a guarantor of a...
Which of the following would be considered a personal contingent liability for a guarantor of a business loan? A) The individual has subordinated debt to the business. B) The individual has guaranteed another loan to an unrelated business. C) The individual is considering borrowing to purchase real estate. D) The individual is engaged to be married.
Which of the following would be considered a personal contingent liability for a guarantor of a...
Which of the following would be considered a personal contingent liability for a guarantor of a business loan? A) The individual has subordinated debt to the business. B) The individual has guaranteed another loan to an unrelated business. C) The individual is considering borrowing to purchase real estate. D) The individual is engaged to be married.
Solve the following problems. Report the final answers with proper units and the correct number of...
Solve the following problems. Report the final answers with proper units and the correct number of significant digits. Please how ALL work, including dimensional analysis setups. 1.The metabolic oxidation of glucose, C6H12O6, in our bodies producesCO2, which is expelled from our lungs as a gas: C6H12O6 (aq) + 6O2 (g)? 6CO2 (g) + 6H2O (l) Calculate the volume of CO2 produced at body temperature (37°C) and 0.970 atm when 24.5 g of glucose is consumed in this reaction. R =...
Which of the following statements is false? A market order is a price contingent order. A...
Which of the following statements is false? A market order is a price contingent order. A stop buy order is an order to buy as soon as the price is at or above a stipulated level. A limit sell order is an order to sell if the price is at or above a stipulated level. A limit buy order is an order to buy if the price is at or below a stipulated level.
Which of the following is a... Which of the following is a way to address some...
Which of the following is a... Which of the following is a way to address some of the shortcomings of specialization? Multiple Choice  Each employee further develops his/her area of specialization. Each employee brings his/her own equipment or tools to work  Each employee is assigned to a team to perform a job.  Each employee takes care of one activity only.
Contingent workers are seen as a valuable resource to employers. Describe the conditions under which contingent...
Contingent workers are seen as a valuable resource to employers. Describe the conditions under which contingent workers are likely to be most highly valued by employers. Also, do you believe the employers will replace many of their full-time workers with contingent workers? Explain your answer.
For this business letter, you will be researching the proper way to address the President of...
For this business letter, you will be researching the proper way to address the President of the United States in a business letter. Format your letter with the proper form you have used in this course or research the link in the Resources Tab. The body of your letter should be a demonstration of your use of professional language and discussing the use of power as it relates to being a significant leader in the world today. Use of professional...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT