According to FASB, when should a company journalize a contingent liability? ... O A. Journalize the...
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According to FASB, when should a company journalize a contingent liability? ... O A. Journalize the contingent liability, even though you will probably win the lawsuit. B. Journalize the contingent liability if it is probable that the loss will occur, and the amount of the loss can be reasonably estimated. OC. Journalize the contingent liability only if the amount can be estimated and the probability of loss is reasonably possible. O D. Do not journalize the contingent liability under any circumstances. According to FASB, when should a company journalize a contingent liability? ... O A. Journalize the contingent liability, even though you will probably win the lawsuit. B. Journalize the contingent liability if it is probable that the loss will occur, and the amount of the loss can be reasonably estimated. OC. Journalize the contingent liability only if the amount can be estimated and the probability of loss is reasonably possible. O D. Do not journalize the contingent liability under any circumstances.
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The detailed answer for the above question is provided below The correct answer is C Journalize ... View the full answer
Related Book For
Inorganic Chemistry
ISBN: 9780198768128
7th Edition
Authors: Mark Weller, Tina Overton, Jonathan Rourke
Posted Date:
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