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What a loss contingency should be accrued in a company

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Question 1: A loss contingency should be accrued in a company's financial statements only if the likelihood that a liability has been incurred is:

A. At least remotely possible and the amount of the loss is known.

B. Reasonably possible and the amount of the loss is known.

C. Reasonably possible and the amount of the loss can be reasonably estimated.

D. Probable and the amount of the loss can be reasonably estimated.

Reference no: EM132570363

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