Question: A contingency need not be recorded nor disclosed when O the possibility of the contingency happening is remote. O it is probable the contingency will

A contingency need not be recorded nor disclosed when O the possibility of the contingency happening is remote. O it is probable the contingency will happen but the amount cannot be reasonably estimated. O it is reasonably possible the contingency will happen and the amount can be reasonably estimated. O it is probable the contingency will happen and the amount can be reasonably estimated

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!