A company has a probable loss that can only be reasonably estimated within a range of outcomes.
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Question:
A company has a probable loss that can only be reasonably estimated within a range of outcomes. No single amount within the range is a better estimate than any other amount. Under U.S. GAAP, what amount of loss contingency should be accrued?
A. the minimum amount of the range
B. the maximum amount of the range
C. the midpoint amount of the range
D. zero
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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