How should a contingent liability that is reasonably possible but cannot reasonably be estimated be reported...
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How should a contingent liability that is reasonably possible but cannot reasonably be estimated be reported within the financial statements? It must only be disclosed as a note to the financial statements. It does not need to be recorded or reported as a liability. It must be recorded and reported as a liability. It must be reported as a liability, but not disclosed in a note. How should a contingent liability that is reasonably possible but cannot reasonably be estimated be reported within the financial statements? It must only be disclosed as a note to the financial statements. It does not need to be recorded or reported as a liability. It must be recorded and reported as a liability. It must be reported as a liability, but not disclosed in a note.
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Answer Option number 1 is correct It must only be disclosed as a note to the financial ... View the full answer
Related Book For
Survey of Accounting
ISBN: 978-0078110856
3rd Edition
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
Posted Date:
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