Question: When a contingent liability exists, the likelihood for loss can be evaluated as probable, reasonably possible, or remote. A remote loss is a loss

When a contingent liability exists, the likelihood for loss can be evaluated

When a contingent liability exists, the likelihood for loss can be evaluated as probable, reasonably possible, or remote. A remote loss is a loss where the chance of occurrence is slight a loss that is likely to occur a loss where the chance of occurrence is moderate falls between the chance of occurrence is slight and a loss is likely to occur

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