Businesses do not accrue contingent gains but do report actual gains.
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Q36: Lippman Company Ltd. collects 5% GST on
Q37: The journal entry to remit GST to
Q38: Camrey Company issued a five-year, interest-bearing note
Q39: Failure to record accrued interest on a
Q40: Unearned revenue represents revenue that has:
A)been earned
Q42: Sales for the current year amount to
Q43: A contingent liability is an actual liability
Q44: All of the following are unearned revenues
Q45: The entry to accrue interest on a
Q46: Corporations and individuals both pay income tax.
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