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Conlon Co. is the plaintiff in a patent infringement case. Conlon has a high probability of a favorable outcome, and can reasonably estimate the amount of the settlement. What is the proper accounting treatment of the patent infringement case?
Disclosure in the notes only
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------------------------ are not recognized since they have not been realized (conservatism
Gain contingencies are not recognized since they have not been realized (conservatism
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contributions to a pension trust fund from a general fund on behalf of employees whose activities are accounted for within the general fund would be reported as ---------------------------------- of the general fund.
contributions to a pension trust fund from a general fund on behalf of employees whose activities are accounted for within the general fund would be reported as expenditures of the general fund.
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Accounts receivable reported in current assets should include only the installment payment receivable due ------------------
Accounts receivable reported in current assets should include only the installment payment receivable due within the next year
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If revenues from transactions with a single external customer amount to 10 percent or more of a public entity's revenues, the public entity ----------------------------------------------------from each such customer
If revenues from transactions with a single external customer amount to 10 percent or more of a public entity's revenues, the public entity shall disclose that fact, the total amount of revenues from each such customer
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If revenues from transactions with a single external customer amount to ------------------- or more of a public entity's revenues, the public entity shall disclose that fact, the total amount of revenues from each such customer
If revenues from transactions with a single external customer amount to 10 percent or more of a public entity's revenues, the public entity shall disclose that fact, the total amount of revenues from each such customer
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--------------------- revenues result from taxes assessed on exchange transactions.
Derived tax revenues result from taxes assessed on exchange transactions.
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Chase City imposes a 2% tax on hotel charges. Revenues from this tax will be used to promote tourism in the city. Chase should record this tax as what type of nonexchange transaction?
Derived tax revenue
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The International Financial Reporting Standards (IFRS) apply a lower of---------------------------------------, applied on an item-by-item basis
The International Financial Reporting Standards (IFRS) apply a lower of cost and net realizable value, applied on an item-by-item basis
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when should an unconditional contribution should be recognized as revenue by a private not-for-profit organization?
In the period received at fair value
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A material overstatement in ending inventory was discovered after the year-end financial statements of a company were issued to the public. What effect did this error have on the year-end financial statements?
Current assets and gross profit were both overstated.
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A overstatement of ending inventory (a current asset) results in an ------------------ of cost of goods sold.
A overstatement of ending inventory (a current asset) results in an understatement of cost of goods sold.
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A understatement of cost of goods sold results in an ------------------------- of gross profit.
A understatement of cost of goods sold results in an overstatement of gross profit.
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In preparing Chase City's reconciliation of the statement of revenues, expenditures, and changes in fund balances to the government-wide statement of activities, what should be subtracted from changes in fund balances?
Book value of capital assets sold during the year
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How would a municipality that uses modified accrual and encumbrance accounting record the transaction of an interfund billing in the internal service accounts?
Credit interfund revenues
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