When is a contingent liability is reported? Select one: when the likelihood of the loss is reasonably possible and a range of outcomes can be estimated when the future events will possibly occur, and the amount of the loss is material when the amount of the loss can be reasonably estimated when the likelihood of the loss is probable and the amount of the loss can be reasonably estimated
When is a contingent liability is reported? Select one: when the likelihood of the loss is reasonably possible and a range of outcomes can be estimated when the future events will possibly occur, and the amount of the loss is material when the amount of the loss can be reasonably estimated when the likelihood of the loss is probable and the amount of the loss can be reasonably estimated
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 8MC: Which of the following best describes a contingent liability that is likely to occur but cannot be...
Related questions
Question
When is a
Select one:
when the likelihood of the loss is reasonably possible and a range of outcomes can be estimated
when the future events will possibly occur, and the amount of the loss is material
when the amount of the loss can be reasonably estimated
when the likelihood of the loss is probable and the amount of the loss can be reasonably estimated
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