Meaning for the word contingency, Accounting Basics

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Meaning for the word contingency

Reporting for Contingency losses has always been an important issue. Discuss what the meaning for the word contingency, probable, reasonably possible, and remote.

Explain how the following contingent losses would be accounted for:

1. In income statement
2. In balanced sheet
3. footnote

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Accounting Basics: Meaning for the word contingency

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Meaning for the word contingency

Reference No:- TGS060726

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Amount for total assets and net income

Q : Prepare two analyses of kamp alternatives

Q : Prepare any journal entries related to the change

Q : Total cost for the job on job cost sheet

Q : Meaning for the word contingency

Q : End of the grace period and interest charge

Q : Goods in process inventory

Q : Fixed-rate contract over budget

Q : Treatment of estimated uncollectible taxes

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Meaning for the word contingency

Reference No:- TGS060726

Recent Questions Asked Accounting Basics

Q : Amount for total assets and net income

Q : Prepare two analyses of kamp alternatives

Q : Prepare any journal entries related to the change

Q : Total cost for the job on job cost sheet

Q : Meaning for the word contingency

Q : End of the grace period and interest charge

Q : Goods in process inventory

Q : Fixed-rate contract over budget

Q : Treatment of estimated uncollectible taxes

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