Question: 1. Cite and explain when a contingent loss should be shown on the financial statements. 2. Cite and explain the criteria to determine if an

1. Cite and explain when a contingent loss should be shown on the financial statements.

2. Cite and explain the criteria to determine if an employer must accrue a liability for vacation pay.

3. Cite and explain GAAPs statement about gain contingencies (should they be shown on the

financial statements and/or should they be disclosed in the notes to the financial statements).

4. Cite and explain the guidelines for reporting Other Comprehensive Income in shareholders

equity.

5. Cite and explain the disclosure requirements for contingently convertible securities.

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