Amount of contingent liability can be reasonably estimated

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Reference no: EM131296197

When the amount of a contingent liability can be reasonably estimated and its likehood is possible but not probable, the company should:

A. accrue the amount of the liability as a long term liability

B. exclude any information about the contingent liability from its financial statements and notes.

C. include a description in the notes to the financial statements

D. record the amount of the liability times the probability of its occurrence.

Reference no: EM131296197

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