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Please help: Select all the conditions required to record a loss contingency in the financial statements as described in ASC 4 5 0 - 2
Please help:
Select all the conditions required to record a loss contingency in the financial statements as
described in ASC
A loss estimate cannot be a range
The cause of the loss or the loss itself must exist before the financial statements date
The cause of the loss or the loss itself can be before or after the financial statements
date.
A loss estimate can be a range instead of an exact estimate.
A loss is probable
A loss is possible
A loss estimate is not necessary as long as a loss has occurred.
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