b. How should a loss contingencybe handled under the three different scenarios.
Give an example of each.
2. Reasonably Possible
Gain contingencies are accrued and disclosed. TRUE or FALSE
Please explain your answer.
c. When partners are admitted to or removed from a partnership, the change can either be accounted for using the bonus method or the goodwill method. Which method do you feel is better and why? Do you feel it's appropriate for both methods to be permissable under US GAAP?
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