ACC 304 Week 9 Chapter 15 Homework
d. State income taxes. 59. What is a contingency?
a. An existing situation where certainty exists as to a gain or loss that will be resolved when one or more future events occur or fail to occur.
b. An existing situation where uncertainty exists as to possible loss that will be resolved when one or more future events occur.
c. An existing situation where uncertainty exists as to possible gain or loss that will not be resolved in the foreseeable future.
d. An existing situation where uncertainty exists as to possible gain or loss that will be resolved when one or more future events occur or fail to occur.
60. When is a contingent liability recorded? a. When the amount can be reasonably estimated.
b. When the future events are probable to occur and the amount can be reasonably estimated.
c. When the future events are probable to occur.
d. When the future events will possibly occur and the amount can be reasonably estimated. ===============================================
ACC 304 Week 9 Chapter 15 Homework
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