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10. T F When a gift card is redeemed, revenue account should be credited. 11....

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Accounting

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10. T F When a gift card is redeemed, revenue account should be credited. 11. T F The uncertainty surrounding a contingency is about the ultimate outcome of an action which has already occurred. 12. T F If the likelihood of a loss is reasonably possible rather than probable, it should be disclosed in the notes to the financial statements. 13. T F A loss whose likelihood is remote should also be recorded in the financial statements, 14. T F A contingency where the chance of loss is viewed as merely remote can be omitted entirely from the financial statements. 15. T F Extended warranties are initially recorded as unearned revenue, and are reclassified as revenue over the time of the obligation

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