When a gain contingency is probable and the amount of gain can be reasonably estimated, the gain should be:
A)Reported in the income statement and disclosed.
B)Offset against shareholders' equity.
C)Disclosed, but not recognized in the income statement.
D)Neither recognized in the income statement nor disclosed.

Question

Quizplus · Accepted Answer

The Answer of When a gain contingency is probable and the amount of gain can be reasonably estimated, the gain should be:
A)Reported in the income statement and disclosed.
B)Offset against shareholders' equity.
C)Disclosed, but not recognized in the income statement.
D)Neither recognized in the income statement nor disclosed.

When a Gain Contingency Is Probable and the Amount of Gain