Warren Advertising becomes aware of a lawsuit after the end of the fiscal year, but prior to the issuance of financial statements. A loss should be accrued and a Hability should be reported if the amount can be reasonably estimated and: Multiple Choice The cause for action occurred prior to the end of the fiscal year The damages would be payable within a year The cause for action occurred prior to the end of the fiscal year and the damages would be payable within a year The contingency should not be accrued