Which of the following is a contingency that should be, Ask an Expert

Accounting

Which of the following is a contingency that should be accrued?

A. The company is being sued and a loss is reasonably possible and reasonably estimable.

B. The company deducts life insurance premiums from employees' paychecks.

C. The company offers a two-year warranty and the expenses can be reasonably estimated.

D. It is probable that the company will receive $100,000 in settlement of a lawsuit.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9400613

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