Chapter 13 - Test Bank 192 - AACSB Analytic AICPA FN...

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Note: This is a loss contingency. Eastern can use the information occurring after the end of the year and before the financial statements are issued to determine appropriate disclosure. A disclosure note is also appropriate. 5. No entry. This is a gain contingency. Gain contingencies are not accrued even if the gain is probable and reasonably estimable. The gain should be recognized only when realized. A disclosure note is appropriate.
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Unformatted text preview: AACSB: Analytic AICPA FN: Measurement Blooms: Apply Difficulty: 3 Hard Learning Objective: 13-05 Identify situations that constitute contingencies and the circumstances under which they should be accrued. Learning Objective: 13-06 Demonstrate the appropriate accounting treatment for contingencies; including unasserted claims and assessments. Topic: Accounting for contingencies Topic: Identify contingencies...
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