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  • Which of The Following Is Most Likely To Require Only A Note Disclosure As A Contingency

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    JAHNHANNALEI MARTICIO
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    A remote chance of loss from a lawsuit in process would require only a note disclosure as a contingency, as the chance of loss is unlikely. Cash discounts given for early payment by customers that are almost always taken and a probable claim for an income tax refund would require more than a note disclosure. A certain loss from an investment in equity securities would require recognition in the financial statements.

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    Which of the Following is Most Likely to Require Only a Note Disclosure as a Contingency

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    A remote chance of loss from a lawsuit in process would require only a note disclosure as a contingency, as the chance of loss is unlikely. Cash discounts given for early payment by customers that are almost always taken and a probable claim for an income tax refund would require more than a note disclosure. A certain loss from an investment in equity securities would require recognition in the financial statements.

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    26 views1 page

    Which of The Following Is Most Likely To Require Only A Note Disclosure As A Contingency

    Uploaded by

    JAHNHANNALEI MARTICIO
    A remote chance of loss from a lawsuit in process would require only a note disclosure as a contingency, as the chance of loss is unlikely. Cash discounts given for early payment by customers that are almost always taken and a probable claim for an income tax refund would require more than a note disclosure. A certain loss from an investment in equity securities would require recognition in the financial statements.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    1. Which of the following is most likely to require only a note disclosure as a contingency?

    a. Remote chance of loss from a lawsuit in process


    b. Cash discounts given for early payment by customers; almost always take
    c. Probable claim for an income tax refund
    d. Loss from an investment in equity securities that is certain

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