A contingent liability that is likely and can be reasonably estimated should be a. Accrued as an
Question:
A contingent liability that is likely and can be reasonably estimated should be
a. Accrued as an expense and reported as a liability
b. Only disclosed in a note to the financial statements
c. Either disclosed in a note or accrued with a journal entry depending on the amount
d. Ignored until the liability materializes
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Related Book For
Horngrens Accounting Volume 1
ISBN: 9780135359709
11th Canadian Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol Meissner, JoAnn Johnston, Peter Norwood
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