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Which of the following is not a characteristic of loss contingencies? A loss contingency involves an existing situation with a potential loss based on a

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Which of the following is not a characteristic of loss contingencies? A loss contingency involves an existing situation with a potential loss based on a future event. Recording a loss contingency impacts the balance sheet and the income statement. In order to accrue a loss contingency, the loss must be probable. In order to accrue a loss contingency, the amount of the potential loss must be known with exactness

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