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The accrual of a contingent liability and the related loss should be recorded when the A. Loss resulting from a future event may be material
The accrual of a contingent liability and the related loss should be recorded when the |
A. Loss resulting from a future event may be material in relation to income.
B. Event that gives rise to the liability is unusual and its occurrence is probable.
C. Future event that gives rise to the liability is unusual in nature and nonrecurring.
D. Amount of the loss resulting from the event is reasonably estimated and the occurrence of the loss is probable.
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