Question
If management determines the loss contingency is probable and an amount can be reasonably estimated, then the company _______. - should include a note in
If management determines the loss contingency is probable and an amount can be reasonably estimated, then the company _______.
- should include a note in the notes to the financial statements but need not record an entry in accounting journals
- must record a liability and a related depreciation expense or loss, and disclose the relevant details of the event in the notes to the financial statements
- must record an asset and a related expense or loss, and disclose the relevant details of the event in the notes to the financial statements
- must record a liability and a related expense or loss, and disclose the relevant details of the event in the notes to the financial statements
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Auditing IT Infrastructures For Compliance
Authors: Martin Weiss, Michael G. Solomon
2nd Edition
1284090701, 978-1284090703
