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

Are you having trouble answering the question “A loss contingency should be accrued in a company’s financial statements only if the likelihood that a liability has been incurred is:”? If that’s the case, you don’t need to worry anymore. Azanswer has brought you the correct answer to your question.

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

A. at least remotely possible and the amount of the loss is known.
B. reasonably possible and the amount of the loss is known.
C. reasonably possible and the amount of the loss can be reasonably estimated.
D. probable and the amount of the loss can be reasonably estimated.

Answer: D

We hope you have got the correct answer to your question “A loss contingency should be accrued in a company’s financial statements only if the likelihood that a liability has been incurred is:”, which was part of Accounting MCQs & Answers. Thanks for choosing us.

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

Are you having trouble answering the question “A loss contingency should be accrued in a company’s financial statements only if the likelihood that a liability has been incurred is:”? If that’s the case, you don’t need to worry anymore. Azanswer has brought you the correct answer to your question.

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

A. at least remotely possible and the amount of the loss is known.
B. reasonably possible and the amount of the loss is known.
C. reasonably possible and the amount of the loss can be reasonably estimated.
D. probable and the amount of the loss can be reasonably estimated.

Answer: D

We hope you have got the correct answer to your question “A loss contingency should be accrued in a company’s financial statements only if the likelihood that a liability has been incurred is:”, which was part of Accounting MCQs & Answers. Thanks for choosing us.

Leave a Reply 0

Your email address will not be published. Required fields are marked *


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

Are you having trouble answering the question “A loss contingency should be accrued in a company’s financial statements only if the likelihood that a liability has been incurred is:”? If that’s the case, you don’t need to worry anymore. Azanswer has brought you the correct answer to your question.

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

A. at least remotely possible and the amount of the loss is known.
B. reasonably possible and the amount of the loss is known.
C. reasonably possible and the amount of the loss can be reasonably estimated.
D. probable and the amount of the loss can be reasonably estimated.

Answer: D

We hope you have got the correct answer to your question “A loss contingency should be accrued in a company’s financial statements only if the likelihood that a liability has been incurred is:”, which was part of Accounting MCQs & Answers. Thanks for choosing us.

Leave a Reply 0

Your email address will not be published. Required fields are marked *


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

Are you having trouble answering the question “A loss contingency should be accrued in a company’s financial statements only if the likelihood that a liability has been incurred is:”? If that’s the case, you don’t need to worry anymore. Azanswer has brought you the correct answer to your question.

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

A. at least remotely possible and the amount of the loss is known.
B. reasonably possible and the amount of the loss is known.
C. reasonably possible and the amount of the loss can be reasonably estimated.
D. probable and the amount of the loss can be reasonably estimated.

Answer: D

We hope you have got the correct answer to your question “A loss contingency should be accrued in a company’s financial statements only if the likelihood that a liability has been incurred is:”, which was part of Accounting MCQs & Answers. Thanks for choosing us.

Leave a Reply 0

Your email address will not be published. Required fields are marked *