In the case of loss contingencies accrual can be made even, Ask an Expert

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Which of the following statements is true? No loss contingencies should be disclosed if there is just a reasonable possibility of a loss. Indirect guarantees should normally be accrued. In the case of loss contingencies, accrual can be made even if the exact payee and payment date are not known. Losses may be accrued for unasserted claims and other potential unfiled lawsuits.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9439472

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