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Generally Accepted Accounting Principles (GAAP) MCQs

What value should a contingency be booked at?

Not be booked until it occurs, and then booked using the actual value

At the actual amount, and retroactively

Using the best estimate and then adding 10%

Using the most likely estimated amount, factoring in conservatism

Answer

Correct Answer: Using the most likely estimated amount, factoring in conservatism

Explanation:

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More Generally Accepted Accounting Principles (GAAP) MCQ Questions

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