How are contingent liabilities accounted for under GAAP? a. Disclosed in the notes if it is probable

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How are contingent liabilities accounted for under GAAP?

a. Disclosed in the notes if it is probable that the company will incur a loss but the amount cannot be reasonably estimated.

b. Reported on the face of the financial statements if it is possible a loss will occur.

c. The same as a provision.

d. Defined in the same way as under IFRS.

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Financial Accounting With International Financial Reporting Standards

ISBN: 9781119787051

5th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Apr 04, 2024 11:00 PM

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How are contingent liabilities accounted for under GAAP? a. Disclosed in the notes if it is probable

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Financial Accounting With International Financial Reporting Standards

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