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If management can estimate the amount of loss that will occur due to litigation against the company, and the likelihood of the loss is reasonably
If management can estimate the amount of loss that will occur due to litigation against the company, and the likelihood of the loss is reasonably possible, a contingent liability should be:
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Disclosed, but not reported as a liability.
Disclosed and reported as a liability.
Neither disclosed nor reported as a liability.
Reported as a liability, but not disclosed.
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475
