FAS 5 requires contingent liabilities to be recorded as liabilities on the balance sheet if the likelihood
Question:
FAS 5 requires contingent liabilities to be recorded as liabilities on the balance sheet if the likelihood of loss or payment is:
a. Remote.
b. Reasonably possible.
c. Probable.
d. Not determinable.
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The correct answer is c Probable Heres why Remote A remote contingen...View the full answer
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Related Book For
Fraud examination
ISBN: 978-0538470841
4th edition
Authors: Steve Albrecht, Chad Albrecht, Conan Albrecht, Mark zimbelma
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