Gain contingencies, which are remote and can be reasonably estimated:
A) Must be disclosed in a note to the financial statements.
B) May be disclosed in a note to the financial statements.
C) Must be reported in the body of the financial statements.
D) Should not be reported or disclosed.

Question

Quizplus · Accepted Answer

Gain contingencies that are remote and can be reasonably estimated should not be reported or disclosed, as they do not meet the criteria for recognition or disclosure under accounting standards.

Gain Contingencies, Which Are Remote and Can Be Reasonably Estimated