A Company Should Accrue a Loss Contingency Only If the Likelihood

question 104

Multiple Choice

A company should accrue a loss contingency only if the likelihood that a liability has been incurred is:

• A) More likely than not and the amount of the loss is known.
• B) At least reasonably possible and the amount of the loss is known.
• C) At least reasonably possible and the amount of the loss can be reasonably estimated.
• D) Probable and the amount of the loss can be reasonably estimated.

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