A contingent loss should be reported in a footnote to the financial statements rather than being accrued
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Question:
A contingent loss should be reported in a footnote to the financial statements rather than being accrued if:
The likelihood of a loss is remote.
The incurrence of a loss is reasonably possible.
The incurrence of a loss is probable.
The likelihood of a loss is eighty percent.
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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