Correct Answer: When the contingent liability becomes probable
Explanation:
Note: This Question is unanswered, help us to find answer for this one
Generally Accepted Accounting Principles (GAAP) Skill Assessment
Your Skill Level: Poor
Retake Quizzes to improve it
More Generally Accepted Accounting Principles (GAAP) MCQ Questions
Which FASB Statement addresses the accounting for derivatives?
What is the definition of a 'discontinued operation'?
What is the conversion rate?
Purpose of stipulating exactly how earnings per share is calculated?
What is a contingent convertible bond issuance?
Your accounts receivable increases from the prior year, what happens on the cash flow statement and in which section?
In which of the following inventory valuation methods is the oldest cost of goods sold (COGS) entry processed first?
Which of the following is the correct formula for calculating basic EPS as per US GAAP?
Which of the following is prohibited in US GAAP?
ABC company purchases a plot of land for $10,000. In the following year the value of the land increases by 10%. What value should this asset be recorded as?