A reader might find information about gain contingencies in an annual report by examining
A)a contingent account receivable
B)an accrued revenue
C)a deferred revenue
D)footnote disclosures

Question

Quizplus · Accepted Answer

Footnote disclosures typically provide information about gain contingencies, including potential gains from legal settlements, insurance claims, or other contingencies. Accrued and deferred revenues could provide information about potential gains, but not specifically related to gain contingencies. A contingent account receivable would provide information about potential future revenue, but not specifically related to gain contingencies.

A Reader Might Find Information About Gain Contingencies in an Annual