A loss contingency shoulf be accrued in a companys, Ask an Expert

Accounting

A loss contingency shoulf be accrued in a company's financial statements only if the likelihood that a liability has been incurred is:

a. reasonably possible and the amount of the loss is known

b. at least remotely possible and the amount of the loss is known

c. probable and the amount of the loss can be reasonably estimated

d. reasonably possible and the amount of the loss can be reasonably estimated

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9402359

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