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