Question
Under ASPE, a contingency that is not likely to occur: A. should always be disclosed in the financial statements. B. must be accrued as a
Under ASPE, a contingency that is not likely to occur:
A. should always be disclosed in the financial statements.
B. must be accrued as a loss.
C. does not need to be disclosed unless the loss would result in a substantial negative effect on
the company's financial position.
D. never needs to be recorded or disclosed in the financial statements.
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Accounting Information Systems
Authors: Robert Hurt
4th Edition
78025885, 78025884, 9781259293795 , 978-0078025884
