Question: Third, there are losses that are recognized in the current period. These may recognize a reasonably possible decrease in a(n) [asset / liability] because of

Third, there are losses that are recognized in the current period.

These may recognize a reasonably possible decrease in a(n) [asset /

liability] because of fire, theft, or other reasons. Or, they may recognize a reasonably possible increase in a(n) [asset / liability] arising from events occurring in the period, such as a lawsuit.

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