Question: Loss contingencies may exist for companies. Write a short memo that answers the following questions. Required 1. What conditions should be met for an estimated

Loss contingencies may exist for companies. Write a short memo that answers the following questions.

Required
1. What conditions should be met for an estimated loss from a loss contingency to be accrued by a charge to income?
2. When is disclosure required, and what disclosure should be made for an estimated loss from a loss contingency that need not be accrued by a charge to income?

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