For each of the following items, identify the ASC reference that provides guidance on the issue.

For each of the following items, identify the ASC reference that provides guidance on the issue. 1. For the recognition of loss contingencies, what likelihood categories are used to determine whether a liability should be accrued? 2. In the subsequent measurement of inventory that is reported at LIFO, what does the term market mean? 3. Should a deferred tax liability be subsequently adjusted to reflect a change in tax rate? 4. Does guidance on environmental obligations apply to nonpublic entities? 5. Should inventory be reported as a current asset on the balance sheet? Topic 450 330 740 410 choose you Subtopic 20 10 10 30 choose you Section 25 35 35 15 choose you Paragraph 2 choose you v 4 choose you v choose you v