Answered step by step
Verified Expert Solution
Question
1 Approved Answer
If a potential loss on a contingent liability is probable, and the amount of the loss cannot be reasonably estimated, the liability should be (Points
If a potential loss on a contingent liability is probable, and the amount of the loss cannot be reasonably estimated, the liability should be (Points : 5)
A. accrued and indicated in the body of the financial statements.
B.disclosed in the auditor's report, but not disclosed on the financial statements.
C. disclosed in footnotes, but not accrued.
D. neither accrued, nor disclosed, in footnotes.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started