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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 2 years ago
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